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22.04.2021 12:13 PM
GBPJPY reacting above ascending trendline support! Bounce incoming!

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GBPJPY holding above long term descending trendline. A bounce above 1st support at 150.406 towards recent swing high and 1st resistance at 150.973 could be possible. RSI reacting above support where price bounced in the past as well.

Trading Recommendation

Entry: 150.406

Reason for Entry:

50% Fibonacci retracement, Ascending trendline support

Take Profit: 150.973

Reason for Take Profit:

-27.20% and 50% Fibonacci retracement

Stop Loss: 150.047

Reason for Stop Loss:

Graphical swing low

Dean Leo,
Analytical expert of InstaForex
© 2007-2024
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