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GBP/JPY (a daily chart of which is shown) as of Tuesday (8/24/2010) has broken down cleanly below a rising wedge pattern and, in the process, several key support levels. Directly underneath the wedge pattern, price went on to break down below 132.00 support and then the key psychological 130.00 level, reaching a low around 128.75 before pulling back up on its bearish run. For more GBP/JPY forex technical analysis, please click here.

James Chen, CTA, CMT