GBJPY is approaching our first support at 147.90 (horizontal overlap support, 100% Fibonacci extension, 76.4% Fibonacci retracement, Elliot wave structure) which coincides with our short term ascending support line. A strong bounce might occur at this level, pushing price up to our major resistance at 149.30 (61.8% Fibonacci retracement, horizontal overlap resistance).
Stochastic (55,5,3) is also approaching our major support level at 8%, a good precursor for a potential bounce in price should it bounce off this level.
Losses can exceed the initial investment so please ensure you fully understand the risks Trading CFDs on margin carries high risk.
Stochastic (55,5,3) is also approaching our major support level at 8%, a good precursor for a potential bounce in price should it bounce off this level.
Losses can exceed the initial investment so please ensure you fully understand the risks Trading CFDs on margin carries high risk.
Trade closed: target reached
Profit target reached perfectly guys!! Did you manage to get on this trade ?
This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.