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2/24/2016 3:45:15 AM

GBPJPY amid negative outlook - Technical Analysis - 24-02-2016



GBPJPY kept falling in the intraday levels, breaking through the support of 159.80, and confirming its downward direction, with the overall guidance of the main downward trend in the medium and short terms, with ongoing negative pressure from the SMA50, as the pair tries to form a harmonic pattern, the lightning bolt pattern, while moving within the third and final wave currently in that forming pattern as shown in the attached chart.

Therefore we expect more losses to come for the pair, targeting the support of 150.90 to finish off this forming harmonic pattern.


Target
Risk


Support
Resistance


Trend Bearish

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