Paun British / Yen Jepun
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GBPJPY WEEKLY LOOK

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PRACTICING IDENTIFYING QUALITIES OF GBPJPY
Nota
Stepping down to the weekly time frame, price clearly reversed to the upside following strong buys at the 122.500 weekly level and consistent push up to the 147.500 level, which held firm as resistance. Price broke said resistance and was rejected at the 155.000. Price signaled another reversal, this time to the downside with a break of the inner trend and bearish engulfing candlestick. A break of outer ascending trend followed as the MAs remained bearish. Price retested the ascending trend and formed a potential sell opportunity. Currently the next target is 145.000, which may be broken down to the 140.000 due to recent confirmed lower highs and lower lows.

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