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GBPJPY Rejection from Supply Zone

The GBPJPY downtrend bottom out on October 2016 and it started a recovery period since then it’s consolidating, the pair broke its support trend line on February of this year but it didn’t fall too much and started back to consolidate:

GBPJPY weekly

Now it formed a nice weekly rejection candle after facing huge resistance on its short-term supply zone, take a look at the daily chart:

GBPJPY Daily

Both weekly and daily charts are aligned together and show a bearish perspective for this pair if you want to short it on daily then you can set your target on 142, 140, or 135 level as all are tested demand zones:

GBPJPY Daily Short Risk:Reward

For weekly traders 157 and 126 are good stop and target levels:

GBPJPY Weekly Short Target

Ahmad Noman Musleh
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