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GBP/JPY - Technical analysis of the GBP/JPY currency pair on October 6

GBP/JPY, currency, GBP/JPY - Technical analysis of the GBP/JPY currency pair on October 6

On the daily chart, it has fallen below the trend line since the end of May. Gradually, it is approaching the exit from the triangle formed by the trend line and the support level of 149.15. As part of the movement in the triangle, it may decrease to the lower limit by 149.15. However, the exit from the triangle seems more likely to go up, since a strong base has formed at 149.15 - there are 4 relative lows near this level since June.  According to the indicators of directional flat movement: ADX is at a low level, DM+ and DM- are close, the MACD histogram fluctuates near zero, the MACD line is almost horizontal.

On the four-hour chart, the near-term outlook is likely to depend on the stability of the support level of 151.00. The pair received support here with a pullback from 152.00, but has not yet overcome this level. When overcoming 151.00 to 150.00, no significant support is visible, and strong support is only at 149.15. If we consider the movement in the range of 149.15-152.00, then it seems more likely to decline to the lower limit after reaching the upper limit and rolling back from it.

Resistance levels 151.55; 152.00

Support levels: 151.00; 149.15

GBP/JPY
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