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TacticalTrade

*GBP/JPY - POSSIBLE BEARISH TREND*

Short
British Pound / Japanese Yen (OANDA:GBPJPY)  
TacticalTrade Updated   
OANDA:GBPJPY   British Pound / Japanese Yen
Trend Analysis Chart Patterns Technical Indicators Contains image
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trendanalysis chartpattern indicator containsimage
GBPJPY

snapshot

Daily chart: Price rejected SMA 200, bearish confirmation candles, and closing below the most recent support level.

The pair has been trending downward on the daily chart.

Price is making lower highs and lower lows overall.

Price recently hit a bottom of support, which then quickly reversed, which than price rejected EMA21 to the downside.

Bearish candlestick formation starting to form.

Entry: Entry on third bearish candlestick

Exit: Exit when target is hit or stop loss is triggered

R/R: 1.1 - 1.4

TELL ME WHAT YOU THINK!

ALPHA1RESEARCH.COM

Trade closed: target reached:
Price briefly touched EMA 21, after a double bottom pullback. Should see price continue to the downside overall.
Trade closed manually:
Price is following trend down, but is in a consolidation phase. Still bearish as price is below 200day SMA.
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