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GBPJPY maintains bearish outlook near 2 ½ year low

Discussion in 'Technical Analysis' started by FXStreet_Team, Apr 20, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    GBPJPY maintains a bearish outlook near the lowest levels since August 2013. The pair has been falling sharply since November 2015, making lower highs and lower lows until reaching 151.63. The thick Ichimoku cloud above the market will likely cap any gains. Prices tested the 50% Fibonacci retracement at 157.00 on Tuesday before turning back down. This is the retracement of the downleg from 162.48 to 151.63 (March 29 to April 7 decline). The tenkan-sen and kijun-sen lines are negative aligned,

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