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GBP/JPY Looks to Bounce Higher

Published 08/01/2024, 08:56 AM
GBP/JPY
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Note: ISM Manufacturing today!

Bullish: Forex Strategies: Currently GBP/JPY is at 192.88 after finishing 5 wave to the downside. We are looking for a continuation up to the ATR target at 193.44 after a pullback.

Watch the US dollar for direction, as it could negate all of this.

The average daily true range (ATR) for the pair is 243 pips per day and its 90-day average is 166 pips per day.

My Forex Analysis says USDX is currently up.

GBPJPY – Is making the turn

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