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GBPJPY could weaken further in short-term
GBPJPY is heading slightly higher after the drop to the 131.87 support level. However, the decline in the simple moving averages (SMAs) and the Ichimoku indicators suggest the continuation of the descending movement in the short-term timeframe. Moreover, the MACD oscillator is heading south in the negative zone, though, the RSI is sloping slightly above near the 30 level. Should the market extend losses, support could be met at the 131.87 barrier ahead of the 38.2% Fibonacci retracement level of the upward wave from 124.00 to 135.70 at 131.24. A significant leg below this area could send prices towards the 50.0% Fibo ... (full story)
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