GBP/JPY: 4-hour
Check out this fresh trend forming on GBP/JPY’s 4-hour forex time frame! Price has already bounced three times off the rising support area, suggesting that it has a pretty good chance of holding again on the next test. Using the Fib tool on the latest swing low and high reveals that the 61.8% level lines up with the trend line, former resistance, and 100 SMA. Stochastic is already indicating oversold conditions though, which means that bears are tired and that bulls are ready to charge soon, possibly taking the pair back to its previous highs and beyond!
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