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GBPJPY Technical Analysis on 2nd April 2018

Analysis of GBPJPY on the daily time frame.

The currency pair is still within an uptrend channel and price have closed above the 15 and 30 EMA which acted as dynamic resistance in the past and is now acting as dynamic support.

As long as price is above the EMAs, price have the potential to target upside target at 150.00 round number.

However, failure to remain above the EMAs will see the pair going lower, possibly targeting the bottom part of the channel, which the pair did on the 2nd of March 2018, a month ago from where we are now.

The MACD histogram is also showing a downside cycle bias although still above the zero line.

We are neutral in this pair right now and awaiting for the markets to come alive again on Tuesday as today major central banks are still on holiday.

We hope that you have benefited from this analysis.

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Ardy Ismail

By |2018-04-02T18:33:44+00:00April 2nd, 2018|Categories: Daily Technical Strategy, GBP Crosses, YEN Crosses|Tags: |0 Comments

About the Author:

Ardy is a Professional Forex Trader specializing in the Forex market. He trades using both Technical and Fundamental Analysis and mentors other traders how to trade the Forex market using proprietary trading strategies which he has developed over the years. He started investing in equities in 1999 and trading Forex in 2008. He is the founder and lead currency strategist @ Forexachievers.com

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