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GBP/JPY Daily Technical Analysis | 2 February 2018

2018-02-02 07:53 am | Resource: Technical Analysis | No Views : 250

 
Time frame Used - four hours
The GBP / JPY is moving in a bullish direction in the near term
GBP/JPY CHART
The purchasing power managed to control the movement of GBP / JPY to reach the level of 156.64 where we note that there are some selling pressure around this level and the GBP / JPY is still trading below the lower boundary of the rising channel
And looking at  the technical indicators
Both the RSI and the Stochastic are indicating to the arrival of indicators into the overbought area
Accordingly, we expect the GBP / JPY to retrace the corrective downward movement to test the 155.18 level
 The alternative scenario is to breach the GBP / JPY level of 156.64 higher to target the 157.00 level
Resistance: 156.54 - 157.00
Support: 155.18 - 154.49 - 153.56
 Direction: Up

Technical Analysis

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