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Trading Signals: Inverse Head and Shoulders Pattern on GBPJPY
Our analysts have identified an Inverse Head and Shoulders pattern on the GBPJPY chart, indicating a potential bullish trend reversal. The pattern has broken through a resistance level, with price momentum continuing to move upward.
Trading Strategy:
- Entry Point: Buy at current market price
- Take Profit: 190.9501
- Stop Loss: Set below the right shoulder of the pattern
Technical Indicators Used:
- RSI: Showing bullish momentum
- MACD: Bullish crossover
- Moving Averages: Golden Cross formation
Correlation with Assets:
The GBPJPY pair tends to correlate with the GBPUSD and USDJPY pairs. Traders should keep an eye on these assets for potential confirmation signals.
Economic Calendar Events:
Traders should be aware of upcoming economic events such as interest rate decisions, GDP releases, and inflation reports that could impact the GBP and JPY currencies.
Overall, this Inverse Head and Shoulders pattern on the GBPJPY chart presents a solid trading opportunity with the price expected to reach 190.9501 in the next 2 trading sessions.
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