HomeContributorsTechnical AnalysisGBP/JPY Can Bears Step In?

GBP/JPY Can Bears Step In?

GBP/JPY moves in range on the Daily chart, we’ll have a clear direction after a valid breakout from the chart pattern. Could start a broader drop if will fail to breakout above the down sloping red line. A valid breakdown below the 150% Fibonacci line (ascending dotted line) will confirm a sharp drop, while a valid breakout above the red line will signal an increase at least towards the lower median line (LML).

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MultiBank Exchange Grouphttp://www.mexgroup.com
Multibank Exchange Group (MEX Group) is a multinational financial derivatives dealer. Established in California in 2005, MEX has offices in several countries around the world, including the US, the UK, Australia and China. Mex Group is regulated by the Australian Securities and Investment Commission (ASIC) in Australia, the Ras al Khaimah Free Trade Zone (RAK) in the United Arab Emirates and the Financial Services Commission (FSC) in the British Virgin Islands.

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