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GBP/JPY Weekly Outlook


GBP/JPY failed to interrupt by means of 183.99 resistance final week and reversed after hitting 183.23. Preliminary bias is mildly on the draw back this week, to increase the corrective sample from 183.99, again in direction of 176.29 assist. On the upside, decisive break of 183.99 will resume bigger up pattern.

Within the larger image, so long as 172.11 resistance turned assist holds, up pattern from 123.94 (2020 low) is anticipated to proceed by means of 183.99 at a later stage, in direction of 195.86 (2015 excessive). However, agency break of 172.11 will argue that bigger correction is already underway.

In the long term image, rise from 122.75 (2016 low) in nonetheless in progress to retest 195.86 (2015 excessive). Based mostly on present momentum, break of 195.86 is in favor. However robust resistance might nonetheless be seen from 61.8% retracement of 251.09 (2007 excessive) to 116.83 (2011 low) at 199.80 to restrict upside on first try.

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