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Wednesday, January 2, 2008

Technical Analysis

GBP/JPY H4 Chart


I made a new count on the pair suggesting that it may at the end of wave 3. The pair has reach near 23 November low (221.15) and also the second target of Fibonacci Expansion 100.0 level. This area seems to be the important support for the moment. I expect a bullish to the resistance around 223.67 which may be the fourth wave before the bearish continue targeting the FE 161.8 (217.45).

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