The GBP/JPY is extending its downward correction from the 10-month high rising channel resistance trend and so the price fell close to the 2-week low, which found support before the 145.00.
The aforementioned support includes the 23.6% Fibo Retracement of the 131.79-148.58 uptrend and the very important 200-day SMA.
A break below said support is likely to accelerate the downward movement towards the 100-day SMA and the lower end of the short-term rising trend channel.
On the other hand, if there is a sustained move above 146.20 (day highs), the bearish outlook is negated.
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