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Sterling versus the Japanese yen has forced us to focus again on our previous explained short term Elliott cycle, as we think that the pair is forming the 4th wave and it supposed to be limited around (153.40 and 153.60) before resuming the major bearishness of the captured [C] wave. Only a breakout above 155.10 can invalidate the scenario.

The trading range for today is among key support at 147.80 and key resistance at 157.25.

The general trend is to the downside as far as 167.40 remains intact with target at 116.00.

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