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GBPJPY - Long term analysis
Hello traders ! This is our analysis on GBPJPY.
So, as we can clearly see in monthly timeframe we are still in a downtrend making LH & LL. After a 4 weeks move to the upside we now wait for the monthly candle to close below our trendline to confirm the downside movement. As we can see the price clearly rejected both fibo levels 0.618 as well as the 0.712.
To confirm the move to the downside, drop timeframe and wait for price action confirmation as we are still bullish in weekly and daily timeframe.
If you enjoy this analysis please give a like ! Thanks.
So, as we can clearly see in monthly timeframe we are still in a downtrend making LH & LL. After a 4 weeks move to the upside we now wait for the monthly candle to close below our trendline to confirm the downside movement. As we can see the price clearly rejected both fibo levels 0.618 as well as the 0.712.
To confirm the move to the downside, drop timeframe and wait for price action confirmation as we are still bullish in weekly and daily timeframe.
If you enjoy this analysis please give a like ! Thanks.
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