GBPJPY Chart Technical Outlook

GBPJPY Chart Technical Outlook trends higher within the bullish channel* The cross continues to trend higher within a bullish channel formation. Trend line resistance and the completion of an AB =CD corrective formation is located at 186.50. Prime support is located at 184.30: • 184.32 is the previous swing high from Wednesday, November 1. What was resistance, becomes support. • 184.28 is the marabou so support from Friday, November 3. This is the midpoint from the open and close of a strongly bullish candle. Conclusion: Although there is always the risk of BoJ intervention, I can see no technical reason for a change of trend. Resistance: 185.80 (88.6%), 186.50 (AB=CD), 186.71 (swing high) Support: 184.32 (swing high), 184.28 (Marabuzo), 181.50 (higher lows)

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