GBP/JPY may go lower

GBP/JPY may go lower

Trade idea

SELL 141.65; TP1 140.70; TP2 140.00; SL 141.90

GBP/JPY will remain under negative pressure as long as it’s trading below the weekly pivot point at 143.30. On W1, the 50-week MA went below the 100-week line — a negative sign. On D1, the pair met the resistance of the 100-day MA and formed a lower high.

Still, this may just be a correction within the uptrend which took place since the start of January. As a result, selling will be sensible on a break of support in the 141.85/70 area with the target at the 38.2% Fibo and the psychologically important level (140.00).   

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Similar

GBP/USD: levels to trade

GBP/USD has been consolidating between 1.30 and 1.2770 for the past month. The pair met resistance at the resistance line connecting October and November highs.

XAU/USD: an attempt to recover

After forming a “hammer” candlestick on the D1 on Tuesday, XAU/USD rose to $1,467 and consolidated between this level and $1,461.

Latest news

GBP/USD: levels to trade

GBP/USD has been consolidating between 1.30 and 1.2770 for the past month. The pair met resistance at the resistance line connecting October and November highs.

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