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GBP/JPY Weekly Outlook

gbp/jpy-weekly-outlook

GBP/JPY’s up pattern resumed and edged greater to 190.05 final week, however then retreated. Preliminary bias stays impartial this week for extra consolidations. Additional rally is predicted with 187.83 minor help intact. Break of 190.05 will goal 61.8% projection of 178.71 to 188.90 from 185.21 at 191.50. Nonetheless, break of 187.83 will flip bias to the draw back for deeper correction again to 185.21 help as an alternative.

Within the greater image, up pattern from 123.94 (2020 low) in in progress. Medium time period outlook will keep bullish so long as 178.32 help holds. Subsequent goal is 195.86 long run resistance (2015 excessive).

In the long term image, rise from 122.75 (2016 low) is seen because the third leg of the sample from 116.83 (2011 low). Additional rally will stay in favor so long as 172.11 resistance turned help holds. Break of 195.86 (2015 excessive) is feasible. However robust resistance might be seen from 61.8% retracement of 251.09 (2007 excessive) to 116.83 at 199.80 to restrict upside.

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