SimpleFX GBPJPY Chart Analysis: October 3, 2019

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After the price reached the upper bound of the yellow channel, we saw the initial part of a new downward trend, which can be directed to the lower wall of the yellow channel and the support level of 126.88. Given the fact that the price is now well below the moving average line, we can conclude that the market has a good bearish potential. Therefore, in this situation, the descending scenario is the main one. However, if the moving average line breaks above the level of 132.67, the bulls will open the way to the resistance level of 135.70, which is located on the upper bound of the yellow channel.

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