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FX.co ★ Elliott wave analysis of GBP/JPY for February 21, 2022

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Forex Analysis:::2022-02-21T05:56:27

Elliott wave analysis of GBP/JPY for February 21, 2022

Elliott wave analysis of GBP/JPY for February 21, 2022

GBP/JPY is still fighting with resistance near 157.55 - 158.05 as a break above this resistance area is needed to open for a continuation towards the long-term target at 160.54 and maybe even higher towards the extension target seen at 163.39.

However, if support at 155.13 is broken, we can expect another delay in the expected rally higher and see a dip closer to 153.40 before the next attack towards resistance in the 157.55 - 158.05 area for the rally towards 160.54 and maybe above.

Analyst InstaForex
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