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Today there was a slight up-move in the GBPJPY, but it didn’t have much energy in it and it fell back later during the day. I tried to cash in on the up-move but had to take a minor loss on it. The fact the up-move didn’t materialize despite the hard fall during the week is a signal for continual bearishness as far as I can see. In the weekly graph it was a rather big down-move and the volume was increasing compared to the previous week which gives extra strength to the bearishness. I think we will get move down movement next week in this pair. Looking at other pairs against the JPY gives that the Yen is very strong at the moment. There are no signs of weakness. The Yen will most likely continue up next week against most currencies.
