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GBPJPY UK Data triggers the recovery

GBPJPY UK Data triggers the recovery

Upbeat UK Retail Sales Data triggers GBP recovery.

GBPJPY broke the near term bearish fractal trendline.

We enter a Long Trade at 134.430. Our target is 134.950

Update:

A bearish Cypher Pattern would be completed at D. We will look for a short opportunity.

The short trade setup based on Bearish Cypher Pattern is as follows:

Short Entry: 134.950 – 135.050

Stop: Above X 135.300

TP1: 134.800

TP 2: 134.650

Short TP1 Reached

As I mentioned in the setup, we may see a retracement toward 134.800 134.650. If the price fails to break below 134.650, it is likely to test and break above 135.250. Bearish Shark pattern would be completed at D 135.750. This pattern is a strong retracement pattern confirmed by Bearish White Swan pattern. We will sell the pair at 135.750. I will update.

 

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DISCLAIMER: This is a technical analysis study, not 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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Ercu Kartas

Treasury Department Dealer Technical Analyst FX Trader

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