Gbp/Jpy is moving in a bullish flag pattern at the moment,
the breakout of this pattern should be in the upward direction
On the weekly chart we can see the bullish flag pattern,
with the pair currently at the lower border of the trendline:
Gbp/Jpy weekly chart
On the daily chart, if we calculate the fibonacci expansion target of 61.8% of the last move,
we can find a target of around 174,
and I think the lower border of the trendline of the flag pattern has prevented the price to move lower;
eve…
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