GBPJPY: The daily chart remains in the bullish trend and has come down to our aggressive trend line and has broken it two days ago and is now come back into the channel to the upside. The ABCD pattern is still alive and has retraced to C at price level 155.15 and heading for the D extension and has to break the B level at 159.84 first. The 2 Hour chart is not retraced yet so we are inside the AB boundary as A is at 154.74 and B is at price 157.51 needs a pull back to the C at the 61.8 fibb and look for a bullish pattern to go long if you are trading the 2 hour chart. The 1 Hour chart is doing well as we are in the AB boundary with A at 155.82 and B at price level at 157.48 and looking for the pull back to C witch we would like to see the fib at 61.8 and go to the D extension at 158.48 for take profit. The 15 minute chart just looks sideways so we placed a support and resistance lines on the chart and hope to see a long break out with a retest to enter the market long as that is with the trend.
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