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Chart Of The Day - 1 Feb 2022

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Our Chart Of The Day is GBP/JPY

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GBP/JPY 4H Chart

Price is currently in a mid term bearish market and we're looking for this downside to continue. Since late January price has been forming a bearish flag correction pattern, and has traded into the key 61.8% fibonacci retracement.

Additionally from a fundamental perspective Boris Johnson is in hot water over violating his own lockdown laws, and tension between the US, Ukraine, and Russia are driving safe haven currencies such as the USD and JPY higher.

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