GBP/JPY – Poised For The Fall

Note: FED Chair Powell speaks today

Bearish: Forex Strategies: Currently we are at 206.74 at a top with a head and Shoulder pattern. IF we can break the slope support, we are looking for a continuation to the ATR Target @ 205.29. There is a S3 further @ 205.18. We should see a reaction there. Watch the USDX for direction and the Fundie could negate all of this. The average daily true range (ATR) for the pair is 113 pips per day and it’s 90 day average is 146 pips per day. My Forex Analysis says USDX is currently up.

Posted to Introduction to Forex Targe… on Jul 09, 2024 — 8:07 AM
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