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3/8/2016 3:06:06 AM

GBPJPY carried higher by an upward correctional wave - Technical Analysis - 08-03-2016



GBPJPY rose in the short term as it trades within a rising correctional wave as shown in the attached chart, with the overall dominance of the main downward trend in the medium and short terms, and the ongoing positive pressure from the SMA50, with the pair settling above the pivotal support of 160.87, representing the ratio 38.2% of Fibonacci retracement levels for a descending wave in the short term (from 170.62 to 154.70), while relative power indicators have reached extremely oversold levels compared to the pair's upward movement.

Therefore we expect more gains to come for the pair, targeting the resistance of 164.54, representing the ratio 61.8% of the same retracement levels mentioned earlier.


Target
Risk


Support
Resistance


Trend Bullish

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