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GBP/JPY now showing a Doji candle on daily charts

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 21, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - The GBP/JPY daily chart now shows a Doji candlestick formation indicating indecisiveness on the pair of the traders.

    Eyes hourly 50-MA

    The cross was offered at a high of 166.79 and fell back below the hourly 50-MA and to a low of 164.85 before recovering to trade around 165.80 levels. The cross has its eye set once again on the hourly 50-MA now seen at 166.13 levels.

    The uptick in the European equities made sure the bid tone around JPY weakened and that triggered a recovery in the cross.

    GBP/JPY Technical Levels

    The immediate resistance is seen at 166.13 (hourly 50-MA). A break higher could see the cross test hourly 100-MA currently seen at 166.16. On the other hand, a break below 164.85 (daily low) would open doors for a slide to 163.98 (Jan 20 low).
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