GBPJPY might decline
Followed by a massive sell-off in the bond markets, capital flows back to the Yen, and pushes GBPJPY down. Technically, it had produced an engulfing pattern, which had appeared near the dynamic resistance level, which empowers the pattern and points to a further decline potentially to 178 area. Publication of non-farm payrolls on Friday might boost volatility for this pair: should the number be strong, it can escalate the sell-off for bonds and accelerate a bearish momentum for GBPJPY
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