GBP/JPY Price Analysis: Bulls face a wall of resistance for the open

Bears will seek a downside extension, but there are bullish prospects to test old support first. GBP/JPY is bullish for the open, but bearish on the long-term time frames. The following is a top-down analysis that illustrates the upside bias, for the near term, vs the prospects of a daily bearish continuation longer-term. The daily chart is compelling in that the bears have broken old support. On a restest of the structure, there are prospects of a downside continuation on failures to break higher. The 4-hour 21 EMA aligns as a confluence target with the 38.2% Fibo. Firth, the bulls will need … (full story)

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