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The GBPJPY has been dancing along a previously identified neckline of a head and shoulders pattern best viewed on the 4hour chart. The first head and shoulders pattern, identified 9 days ago, failed on Wednesday when price broke above the 149.00 shoulder. However, a new head and shoulders has emerged and with the same neckline holding support now at 146.80. With daily momentum turning more to the downside, a break of this pattern looks imminent, with potential still to test the daily up trendline now near 141.50. Remember: a break is not a break until it breaks
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