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Trader856

POTENTIAL BUY TRADE ON GBPJPY -BREAKOUT OF FALLING WEDGE PATTERN

Long
British Pound / Japanese Yen (FX:GBPJPY)  
Trader856  
FX:GBPJPY   British Pound / Japanese Yen
Trend Analysis Harmonic Patterns Wave Analysis wedgebreakout breakandretest supportandresistancezones priceaction waveanalyis Bullish Patterns Falling Wedge
3
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trendanalysis harmonicpatterns waveanalysis wedgebreakout breakandretest supportandresistancezones priceaction waveanalyis bullish fallingwedge
As it can be seen from the chart, GBPJPY broke a critical resistance price level which has since then been retested. Evidently, it has successfully retested that level which has now become a strong level of support. In conjunction with the break and retest of the key level, GBPJPY has broken out of a bullish falling wedge pattern, increasing the probability of this trade being successful and reaching the expected price target.

*NOT FINANCIAL ADVICE, MERELY AN OPINION*
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