GBP/JPY technical analysis
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GBP/JPY breakout going towards W L3.
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Downtrend continues until W L3.
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Yen is getting stronger.
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153.25.
H4 chart GBP/JPY
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Flat bottom descending triangle.
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Breakout.
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Final target/Bounce zone.
Yen is on the move. Strength in Yen translates to Risk off. This is the situation when we have risk off.
1.100% risk off sentiment.
2. Gold up.
3. Commodities prices down.
4. Equities down.
5. Yen strengthens as a result.
GBP/JPY should come down towards the W L3 level. The breakout point was the break below 155.24. The price should go towards D L3 153.46 and D L4 152.87. In case of hitting 153.25, there should be profit taking and bulls might move the price higher towards 154.65.
The analysis and the article presents Nenad's opinion. Remember, financial trading is highly speculative & may lead to the loss of your funds. Proper risk management is the Holy Grail of trading.
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