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17 August

By Amir El Araby

Category: Technical Analysis

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Trade idea on GBPJPY

By examining the daily graph of the GBPJPY pair, we can notice the following technical factors:

  • Lower tops have been formed since December 2016, reflecting the strength of 148.50 areas that capped the bullishness for more than 8 months
  • Strong sloping bearish trend line - red – prevented the GBPJPY pair from re-testing the high.
  • Coming beneath the uptrend line – green- that connected the movements from the significant trough of 124.78.
  • GBPJPY has slipped below SMA200 for the first time since the third week of April 2017.
  • Fibonacci of 23.6% for the upside actions from 124.78 to 148.57 has been taken out already.

To recap, we see potential resumption for the bearishness over upcoming sessions, mainly targeting 139.50 regions, which represent 38.2% Fibonacci and PRZ of a harmonic bat pattern as well.

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Amir El Araby

Financial advisor with 18 years’ experience in the technical analysis studies for FOREX, Commodities and Indices. Amir El-Araby worked as a mentor for many companies and institutes, where he presented new methods for trading in the financial market. Amir is a member of ESTA (Egyptian Society of Technical Analysts).