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4/11/2016 2:58:40 AM

GBPJPY tries to recover some ground - Technical Analysis - 11-04-2016



GBPJPY closed higher in the intraday levels as it tries to recover some of its past losses, with the dominance of the main downward trend in the medium and short terms, with negative pressures from the SMA for the last 50 days period, while the pair is affected by breaching the support of a negative technical pattern that is complimentary to that downward trend, the Symmetrical Triangle pattern as shown in the attached chart.

Therefore we expect the pair to fall in the coming trading, targeting the support of 148.75 as price target for the forming technical pattern.


Target
Risk


Support
Resistance


Trend Bearish

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