GBP/JPY
Time frame: H1
Technical Analysis: The chart shows that the price has formed a multiple top, and it is just below 38.2% of Fibonacci on the downward movement which has started on 25.01.2019. At the same time, the price has failed to break the downward trend line of the emerging trend channel, which gives further indication of continued downward movement.
Indicators: The price is below 200 EMA, indicating strong resistance to the price.
DeM - In over-bought values and supports the "Sell" scenario.
Entry: 142.10 / 142.00
Stop: 142.70
Alternative Scenario: If the price breaks the 200 EMA and 38.2% Fibonacci, the price would test its previous highs.
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