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GBP/JPY Daily Technical Analysis | 31 January 2018

2018-01-31 01:09 am | Resource: Technical Analysis | No Views : 294

Time frame Used - four hours
The GBP / JPY is moving in a bearish direction in the near term

The sell-off managed to control the GBP / JPY move to 152.79 as we  mentioned in the previous report to bounce back above this level to reach to 154.07 level
And looking at  the technical indicators
Both the RSI and Stochastic are indicating signs of recovery
Accordingly, we expect the GBP / JPY to retrace the corrective move to test the 154.49 level
  The alternative scenario is to breach the GBP / JPY level of 154.49 higher to target the level of 155.38
Resistance: 154.49 - 155.38 - 156.05
Support: 152.79 - 152.00 - 151.23
  Direction: Down

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