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GBPJPY Analysis Oct 24, 2021

Short
FX:GBPJPY   British Pound / Japanese Yen
We are looking for a swing trade so I will utilize the weekly and 4 hour timeframes to make my decisions. On the weekly timeframe we look for three things in particular which are our key levels, patterns and candlestick analysis. On the 4 hour timeframe we focus on using most of our technicals which is including fibonacci, support and resistance , supply and demand zones, market structure, candlestick analysis etc. On crypto we are looking at the Daily and 1 Hour timeframes to take trades when they are ready.

On the weekly timeframe last week closed bearish rejecting the resistance level that we marked. I believe this pari could have further downward movement this week. The next support level is at 155.600 area.

On the H4 timeframe we have a lower zone at 155.000 area. If price makes it way down to that area then we may find some support. I am looking for price to retest the neckline that was broken on the head and shoulders pattern that formed at the high point. 157.000 is the target retracement area.
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