GBPJPY overextended at key level

GBPJPY overextended at key level

The GJ just retested a massive daily level from February 21st 2020

This level is were sellers took control of the market and pushed price down 14.64% (2125 pips).

On the short term we have hit important bullish targets and have made now a lower low at the retest of the previous broken level.

We are still trading inside of a bullish structure but the break of the lows would point at a break of said structure and a possible pullback to the previous key level at the 50% pullback of the last leg up and the 1.618% pullback of the last wave up.

Massive bearish divergence detected.

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Author : Orlando Gutierrez

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