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3/22/2016 3:18:47 AM

GBPJPY faces difficult challenges - Technical Analysis - 22-03-2016



GBPJPY last traded within an upward correctional price channel in the short term, reaching its support previously and bouncing off it higher, before being stopped by the resistance of the SMA50, trading below it till it was besieged by negative pressures coming from the main downward trend line in the medium term as shown in the attached chart, coinciding with relative power indicators reaching extremely overbought levels compared to the pair's upward movements, heaping more pressure on the next movements.  

Therefore we expect the pair to fall in the coming trading, especially if it breaches the support of that upward correctional price channel, targeting thereafter the first support at 157.70.


Target
Risk


Support
Resistance


Trend Bearish

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