GBPJPY: With GBPJPY closing higher on Tuesday on a rejection candle off its key support zone at 175.30/49, it faces recovery risk in the days ahead. On the downside, support comes in at the 175.50 level where a violation will aim at the 174.50 level. A break below here will target the 174.00 level followed by the 173.00 level. Further down, support lies at the 172.00 level. On the upside, resistance lies at the 177.00 level followed by the 178.00 level where a break will aim at the 179.00 level. A cut through here will aim at the 180.00 level. All in all, the cross remains broadly biased to the downside on price weakness but faces recovery risk.
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