GBPJPY: possible triangle formation -13:25 (CET)

By IBTimes Staff Reporter | November 16 2009 7:59 AM

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We can see on the daily candles a triangle formation that if it breaks higher will take the price over 153.82 and lower to break 146 yens per pound. In the one hour candles, the price is colliding lower with 149.13. This is a very important support and if it's lost, the price would first slide down to 148.6. On the top side, breaking today's and Friday's high around 150 could push the pair to its next target at 150.42.

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