GBP/JPY Price Analysis: Shorts are vulnerable to a squeeze near daily support – by fx_ross GBPJPY Technical Analysis
GBP/JPY is down some 0.9% and has fallen from a high of 181.51 to a low of 179.46 so far. The dailyshows the price breaking the support structure near 179.90 which puts the emphasis on the downside, medium term, but potentially supports a meanwhile bullish bias into the bearish impulse. The M-formation is a reversion pattern that would be expected to draw in the price towards the neckline.
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