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Trade idea on GBPJPY

Posted by Amir El Araby On 8/17/2017 12:29:20 AM In Technical_Analysis

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.