GBPJPY Chart Technical Outlook

GBPJPY Chart Technical Outlook rallies to be sold dips to be bought Although we traded to the lowest level in six days yesterday, buyers have returned. Dip buying has left a demand zone at 183.72. On the upside, we have a formidable barrier located at 185.85. This is not only a supply zone but also the projected resistance level for the completion of the AB leg in a Crab formation.
The favored setup would be to wait for the completion of the BC leg to take the cross higher toward 188.89. Patience is key.

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