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Technical Analysis
Daily Technical Analysis by Admiral Markets
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[QUOTE="Admiral Markets Group, post: 120077, member: 37217"] [B][SIZE=5]GBP/JPY Inverted Triangle Upside Broken[/SIZE][/B] [IMG]https://s28.postimg.org/o87vg8pz1/2501.jpg[/IMG] Global equities rally that extended in Asia session weakened the Yen and it fell vs its main counterparts USD and GBP. Both USD/GBP/JPY are heavily connected to Equity markets and when Equities are going up both USD/JPY and GBP/JPY are going up too. The pair has formed an Inverted Triangle (ConTriangle) and subsequently broke its top so we might see a retest-continuation. The POC (DPP, L3. ConTriangle top, 50.0, ATR PP) comes within the 141.85-142.00 zone. If the momentum persists and we don't see any retracement, then traders should pay attention to a possible continuation above 142.95 towards 143.40 (breakout level) and 143.60 projected high. Overshot above 143.60 targets 144.20. For intact bullish scenario the pair should hold above 141.50. [/QUOTE]
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