Watch for possible breakout during London Open

GBPJPY has been quite stagnant since this morning's large bullish candle off the back of UK earnings data. Stuck in a 90 pip range channel, one could possibly expect this to continue during the quieter Asian session. During the London open as volatility picks up, there could possibly be a break to the upside possibly continuing the previous bullish momentum of GBP combined with the extremely weak Yen.

UPDATE: weak UK data this morning did cause a break, however it was to the downside.

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