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marcyacoub

GBP/JPY Buy Setup

Long
British Pound / Japanese Yen (OANDA:GBPJPY)  
marcyacoub  
OANDA:GBPJPY   British Pound / Japanese Yen
Trend Analysis Chart Patterns
7
0
trendanalysis chartpattern
GBP/JPY is currently trading inside a decent descending channel near the 78.6% Fibonacci Retracement level. Not breaking below the lower band of the descending formation will be a great buy opportunity towards 161.50 as our first target.

Breaking above the channel will push the price towards 162.46 and 163.35 in extension. Goodluck!

M.Y.
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