GBP/JPY has just reached a new multi-year high, with GBP/USD and USD/JPY both gaining strength today. The bullish sentiment is further supported by rising US stock markets.
In the short term, the price has breached a rising wedge pattern, which is usually bearish. However, the bullish breakout indicates the price could reach 208.60 in the coming days. The risk-to-reward ratio remains favorable if today's low of 206.42 is used as the invalidation level. As the European session ends, a correction towards 207 could further enhance the risk-to-reward ratio.
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