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GBPJPY consolidation ahead of tuesday Bank of Japan rate decision.

The GBPJPY pair is trading around the 145.820 level this morning. Price is being compressed in a series of lower highs and higher lows towards the 146.500 area. This is happening ahead of the Bank of Japan meeting on Tuesday and the Bank of England meeting on Thursday setting up an exciting week for the pair. The BOJ is expected to leave rates unchanged but the BOE is expected to raise rates from 0.5% to 0.75%. These events have the potential to send the pair on a journey to test support or resistance with the 145.000 level providing traders with an interesting level to engage with the market. Support at the rising blue trend line comes in around 144.200 followed by the latest swing low at 143.800. A loss of the 143.162 level can see price move lower to 141.300 followed by the August 2017 low at 139.274. Resistance can be seen at 147.000 followed by the 149.337 area. The falling blue trend line is found close to this level today at 149.500. A break out from here would look to the 150.000 level with recurrent resistance at 150.900 above. 

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