As long as 166.57 support holds, further rise is expected in GBP/JPY. Above 171.18 will target 161.8% projection of 147.61 to 159.98 from 156.63 at 176.64. However, considering bearish divergence condition in 4 hours MACD, break of 166.57 support will indicate near term reversal and bring deeper pull back.
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