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GBPJPY Overview: Shortterm Recovery Signals

GBPJPY Overview: Shortterm Recovery Signals

Yesterday we have shared a trade setup for the members. Dragon tested 141.300 and pulled back. However, the pair succeeded the close above 140.800 and recovered.

GBPJPY is testing the descending trendline resistance and trading on an ascending trendline on the smaller chart time frames.

A triangle pattern on the H1 chart.

The new direction will be determined by the direction of the breakout.

On the upside, 141.150 and 141.400 are the main resistance. If the pair breaks above 141.400, it may test 142.200.

A bearish breakout will carry the price 140.800, 140.500 and 140.200.

You can follow the chart : GBPJPY RECOVERY

Rules To Keep In Your Mind:  Trade Safe. Money  Management is the key to success in forex trading. Do not risk more than 1% of your account in each trade.

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DISCLAIMER: This is a technical analysis study, not an advice or recommendation to invest money

 

 

GBPJPY: Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these securities. You should do your own thorough research before making any investment decisions. Chartreaderpro does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Forex involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility

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