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26.08.202107:24 Forex Analysis & Reviews: GBPJPY is facing Bullish pressure.

Price is reacting above first support at 150.097 in line with 61.8% Fibonacci retracement and 61.8% Fibonacci extension. It could be potentially bullish from first support to first resistance at 152.449 in line with 78.6% Fibonacci retracement and 23.6% Fibonacci extension. Our bullish bias is further supported by how MACD is shown to be holding above the 0 line. Otherwise price may continue to bearish to 2nd support at 149.2 in line with 78.6% Fibonacci retracement and 78.6% Fibonacci extension.

Trading Recommendation

Entry: 150.097

Reason for Entry: 61.8% Fibonacci retracement and 61.8% Fibonacci extension

Take Profit: 152.449

Reason for Take Profit: 78.6% Fibonacci retracement and 23.6% Fibonacci extension

Stop Loss: 149.20

Reason for Stop Loss: 78.6% Fibonacci retracement and 78.6% Fibonacci extension.

Exchange Rates 26.08.2021 analysis

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Dean Leo,
Analytical expert of InstaForex
© 2007-2021
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