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Tuesday, August 03, 2021

GBPJPY Analysis

GBPJPY Analysis

Looking at the weekly timeframe , GJ has been in a flag correction since the beginning of May, following a very strong impulse from mid March this year. Price has given us 3 touches on our resistance trendline confirm that price is respecting it. price has since fallen off this 3rd touch (as seen on the chart above). We were in a correction phase until price broke out with great momentum (represented by the length of the candles on H1) but was also quick to reverse back into the correction pattern. However, on the H4, its not really final as to what price wants to do. Im waiting for either a daily candle close or H4 close to support my bias. Overall I am anticipating a fall in GJ.

This is not financial advice. Forex trading is a risky business. Trade at your own risk. Patience and risk management are crucial.

from TradingView Ideas
via gqrds

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