The GBP/JPY fell really hard today, but still sits around 133. The pair is going to be dangerous to short, as one would have to think the central banks are certainly watching it, and all pairs related to the Yen. The area we currently find ourselves in could be supportive, but the bulls will need to see something out of this market soon to get excited. The next 24 hours could point the way. For the meantime, simply observing is the preferred course of action.

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