Forex Trading Library

GBPJPY – Dip buying

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Monthly: Broken out of the channel formation to the downside. However, all the initial losses have been recovered. We are likely to post a Bullish Hammer formation for January. One bearish note, we have stalled at the reverse trend line resistance of 143.80

Weekly:  Could be seen as an Expanding Wedge formation. A break of trend line resistance at 147.40 and the measured move target is 156.68, the start of the wedge. Bespoke resistance is located at 152.20

Daily: Highlights the cross stalling at the 161.8% extension level of 144.83 (from 130.70-139.43). We look for losses to be limited. Bespoke support is located at 142.30. It should be noted that the 261.8% extension level sits just above bespoke resistance at 152.20

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