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GBPJPY targeting 172.250. Excellent long-term pattern. for FX_IDC:GBPJPY by TradingShot

The GBPJPY pair has been rebounding strongly since the November 11 Low within the 1D MA50 (blue trend-line) and the 1D MA200 (orange trend-line). The Low was made on the Inner Higher Lows trend-line, that has had four hit-and-holds since May 12.

Based on the 1D MACD also, this sequence resembles the April 20 – June 09 fractal , whose rebound reached the previous High, which is now the Resistance at 172.250. This is the short-term target.

On the long-term you see that the pattern is an Ascending Triangle (since March 2021 and we are close to the Higher Highs Zone. Every hit either on the dashed or top trend-line is a sell opportunity, until the pattern is invalidated.

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