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GBP/JPY Pushed Off Top Of Heatmap; Stalls, Looking To Correct

Published 03/05/2019, 02:08 AM
Updated 07/09/2023, 06:31 AM

GBP/JPY Chart

VPA principles at work on the daily chart for the GBP/JPY, with last Thursday’s and Friday’s candles of small doji and shooting star respectively accompanied on good volume now coming through as the pair correct from 148.57 high. Daily CSI also shows the pairs at extremes and today’s price action has also pushed GBP/JPY off the top of the heatmap.

Question is whether this move is the start of a meaningful shift lower or simply a pullback, and the pair resumes marching higher. This will depend on whether risk-off sentiment carries over from last week and Brexit stall really does happen. Meantime downside price objective first comes in at 147.03, then at 146.63. To the upside 147.30 is first resistance.

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