GBPJPY back to 150 before another 156 test?
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GBPJPY is testing the long-term strong support 149 and a bounce from here is required for the upside continuation. A break below 149 is now required for a complete downside reversal and an invalidation of a recent medium-term uptrend.
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The weekly chart shows that the instrument is testing the recently formed channel support 149. This level must hold for an upside extension and an uptrend channel continuation and another test of the long-term falling trend line resistance A break above 150 would lead to an upside test of 154 again.
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On a daily chart, we can see that the Already a member? This article is so good, it’s for premium members only.
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