GBP/JPY has had an interesting couple of months. Since a bullish breakout swing in September, it has fallen dramatically until finding support at 168 in October. It has since been rebounding sharply as well. Let’s take a look at the charts and see what assessment we can give the GBP/JPY
The dip from 180.70 high on the year down to the 168 level reversed the September breakout rally and thus suggests the rally was an exhaustion swing. This translates to a bearish outlook in the upcoming weeks. However, in the short-term, GBP/JPY just broke above a flag pattern and is signaling further bullish attempt toward the 175-175.38 area.
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