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TheForexFellows

GBP/JPY - bearish flag pattern forming before next push down!

Short
British Pound / Japanese Yen (FX:GBPJPY)  
TheForexFellows  
FX:GBPJPY   British Pound / Japanese Yen
Trend Analysis Chart Patterns Technical Indicators Forex forexsignals GBPJPY gbpjpyshort gbpjpysell gbpjpyanalysis gbpjpyprediction gbpjpyforex
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trendanalysis chartpattern indicator forex forexsignals gbpjpy gbpjpyshort gbpjpysell gbpjpyanalysis gbpjpyprediction gbpjpyforex
GBP/JPY price action on the 4H timeframe has formed a very convincing bearish flag. Price has been trading between 136.4 and 135.4 since the bearish impulse from last week. We are anticipating that this is a current zone of consolidation before the next bearish impulse to the downside. Once we get a break and close below structure at approx. 135.3 (or lower) we will be looking to enter short. First target after entry would be 134.4 and then 132.3.

If price closes above the range at 136.4 this analysis would be invalid. Happy trading guys 🙌! Lets make it a great end to the week.
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