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USD obtained on the euphoric poss. Of more rate hikes meanwhile the GBP Bulls were pushing for the following
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[18:31 GBP/JPY TECHS: Working an Outside Day Bullish Reversal] New York, March 28. Todays price activity has engulfed Mondays 203.40-205.00 range with its assortment of 203.20-205.30 thus far. Which will be a bullish event in a marketplace that's been sorely lacking defining tendency events on the charts if prices were able to close above highs. As noted GBP/JPY prices found support at the lower Bollinger band and these rings have narrowed to just 300 pips. Prices rallied almost 800 points after that. Additionally, ADX readings have been at their lowest since November 29 and prices rallied from 205.10 that afternoon to 213.05 on December 13, also roughly an 800 pt move. Obviously the Bolli diffs along with the ADX had begun to rebound at those things, something they have not begun to do but it is sensible to expect a rebound imminently. This does not ensure an 800 pt rally or even that the breakout is going to be on the upside, however the longer term trend is greater and we have a pending bullish engulfing pattern with yesterday and todays price action, so again it is sensible to lean in this direction. Those searching for improved verifiion of an upward breakout ought to consider a daily close above the March 13 high in 206.20 as strong place to begin. On the downside, in case todays rally is merely another feint, a daily close below the 200-day MA lineup, now at 202.65 is the first crucial step, followed by fractures of major swing lows at 201.70 and 200.60.