GBPJPY REVERSES FROM HISTORIC KEY LEVEL

GBPJPY REVERSES FROM HISTORIC KEY LEVEL

The GJ has rallied more than 500 pips since it broke with the 142.00 level and is trading inside of a massive bullish structure.

If we look at the avg. weekly range of the past 3 weeks it´s exactly 204 pips. This week this pair has rallied 230 pips to a massive key level in historic price action.

The avg. weekly range is capping the bullish continuation and the previous key level (146.40 is capping the downside.

Yesterday´s range is tight and inside a triangle (continuation patter) with the lows at that exact level of support.

Should the lows break we could see price dip to retest the weekly lows / previous weekly highs and weekly pivot confluence, not to mention the 2.618 of the last leg up.

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Author : Orlando Gutierrez

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