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GBP JPY analysis

The 1 hour tf of the GBP JPY is presented in this analysis with price action from ~August 14, 2018 to current date.

GBP JPY analysis, GBPJPY price chart

Price action closed below the 1 hour timeframe main uptrend line on October 14, 2018 indicating a possible termination of the uptrend.

Subsequent price action after the bullish move is captured using a downtrend price channel, which ideally implies further bearish action in the GBP JPY.

Conservative entry into a trade involves waiting for the bear channel to give way, and using its width to estimate the minimum projection of price action.

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