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1/6/2016 2:14:06 AM

GBP/JPY positions itself for further decline. - Technical Analysis - 06-01-2016



GBP/JPY kept falling in the intra-day levels and short term trading, amid a long series of descending waves in the short term, and with continuing negative pressure from the simple moving average for the last 50 days period, after the pair broke through the crucial support of 176.09 previously, which represents the ratio 61.8% of Fibonacci retracement levels for an ascending wave in the long term (from 163.87 to 195.88), and with the pair settling below that level combined with an influx of negative signals from relative power indicators.

 

Therefore we expect more losses for pair, targeting the support of 171.42, which represents the ratio 76.4% of the same retracement levels mentioned earlier.  


Target
Risk


Support
Resistance


Trend Bearish

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