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EireTrade-Capital-Management

GBPJPY ready to drop again?????????

Short
British Pound / Japanese Yen (FOREXCOM:GBPJPY)  
EireTrade-Capital-Management  
FOREXCOM:GBPJPY   British Pound / Japanese Yen
Support and Resistance Fibonacci Trend Lines GBPJPY 1hrchart GBP jpy overbought swingtrading
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supportandresistance fibonacci trendline gbpjpy 1hrchart gbp jpy overbought swingtrading
Following on from the previous impulse move tot he downside where GBPJPY extended to the -0.272 Fibonacci level, we are now seeing a retracement. Watching the 0.5 Level of the latest impulsive move down, along with the red parallel channel formed from the April 30th highs. Will wait for confirmation on 1 hour timeframe before entering.
Price has already moved well past the daily ATR range. Speculators have added to their long positions on the Yen by a considerable margin whilst the Pound remains relatively flat.

If you have any ideas supporting or on the contrary to my opinion please leave a comment.

Thank you and happy trading :)

Disclaimer: This is not financial advice.
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