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GBP/JPY Price Analysis: Bulls taking on bearish commitments in monthly resistance
The following is a top-down analysis that illustrates the bullish playbook and prospects of a deeper test of the bear's commitments in the monthly supply zone. chart The price, as it stands, is overextended on the upside and could be due for an immediate correction. However, generally speaking, the market likes to respect the 38.2% Fibonacci on retracements. For the 38.2% Fibonacci to align with the prior resistance structure, the bulls will need to take the cross deeper into the supply zone. This gives rise to prospects of a weekly continuation to the upside. chart As illustrated, there was a strong rejection of ... (full story)