Forex GBPJPY D1 Technical Analysis Our expectations:
Long-term short trend and medium-term long correction. False breakthrough of main diagonal resistance. Followed by rebound and price action for reverse. There is no closed bars above the main diagonal. The price has reached an extremely strong resistance levels.
Price Action: Pin bar at resistance zone.
Indicators:
Correction to 50% Fibonacci, the price rebound sharply.
Sequential gives green 9 for decrease.
Test of 200SMA test followed by a rebound.
Stochastic turns below 0.8, another signal for a decrease.
SL: 149
Alternative scenario: Confirmed breakthrough 149 could lead to a new long trend
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