Based on the M15 chart, the GBP/JPY pair is hovering slightly above its short term support. The red candle has its wick burnt at the bottom indicating that the closing price closed higher than the opening.
I am using Fibonaci retracement for this set up of support and resistance.
A long entry is possible and this pair should test its short term resistance at 38.3% and 50.0% levels soon.
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