GBP/JPY Price Analysis: Bears are lurking in monthly structure, 163.50 support eyed By ross_burland GBPJPY Technical Analysis
GBP/JPY bears are potentially looking for an opportunity in a reversion of the current bullish phase.
. However, whether the price can continue into the next mitigation zone without a prior retest of the old resistance area is the question:As illustrated, the price has rallied into an old level of monthly support that would now be expected to act as a resistance area and guard the next imbalance of price which occurred when GBP/JPY fell in 2016 to below 175 the figure. In May 2016, the price recovered back to 164.
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