For almost 6 weeks, GBPJPY is moving in a flat consolidation. Price in this period moved between support 144.20 and resistance 147.60. GBPJPY approached the lower limit of consolidation on Monday morning and has been testing this area since then.

GBPJPY H4

The lack of demand response for the 144.20 area test is a sign of weakness of buyers. As long as the lower consolidation limit has not been broken, upward reflection is still likely. If expected rebound occurs then the upper limit of consolidation 147.60 will be the target. However, if bears are stronger and GBPJPY will break down the channel, then further support will be located at the levels of 143.50, 142.50, 140.60, 139.00. It is therefore important now to observe how the price will behave in vicinity of 144.20

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GBPJPY D1
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