GBPJPY rejects multi year resistance

GBPJPY rejects multi year resistance

Key Support: 147.45 – 146.60
Key Resistance: 148.25

Long Term View
The GJ has been in a super strong bullish momentum, up 8.30% since the December 11th lows without a real pullback. The biggest pullback was 1.4%back in Jan. 14-18.

1H Chart Analysis
The March 2019 highs that are being retested at the moment brought -15% moves on average last time it was hit. We are looking at a possible 5wave rising wedge finishing at this level (1.618 targets hit)

The break of the previous lows bring a break of the inner reversal structure.

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Author : Orlando Gutierrez

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