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GBPJPY Challenges First Key Support on Journey to 138.80
A few weeks ago we were discussing a broadening wedge that had been forming on the GBPJPY 4-hour chart. These patterns tend to signal exhaustion, which meant a pullback to support for the yen cross. In addition to the broadening wedge, the pair had also formed a bearish pin bar on December 15th. The candlestick pattern occurred at the 147.00 handle, a level of interest that I first mentioned on December 1st. You can see both price structures in the December 19th commentary. One of the support levels we were watching on the way down was 143.20. This area has come under fire today after yesterday’s session carved out ... (full story)