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• 2013-10-17 GBPJPY

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Overall the pair is maintaining the uptrend and the outlook remains positive. Daily, the pair is trading above the Ichimoku Cloud, but the Tenkan-Sen fell below the Kinjun-Sen last week and the Chinkou Span is currently indecisive. This indicates that although we are in a positive environment, the uptrend is fragile. Intra-day (4h), the pair is supported by the 200-period SMA and the current battle is at the 50% Fibonacci retracement in the recent wave, where a short term uptrend channel currently is being established with 156.40 and 158.02 being break-out points.