GBP/JPY climbs to a fresh weekly high (197.93) as it stages a three-day rally, and a close above the 195.70 (61.8% Fibonacci extension) to 196.60 (23.6% Fibonacci extension) region may lead to a test of the July high (199.98).
A breach above 201.20 (23.6% Fibonacci retracement) opens up 202.00 (23.6% Fibonacci extension), but GBP/JPY may struggle to extend the recent series of higher highs and lows should fail to close above the 195.70 (61.8% Fibonacci extension) to 196.60 (23.6% Fibonacci extension) region.
A breach of the monthly low (195.04) may GBP/JPY toward the June low (192.73), with a move/close below the 192.40 (50% Fibonacci extension) to 193.50 (38.2% Fibonacci extension) zone opening up the May low (190.33).
--- Written by David Song, Senior Strategist at FOREX.com
A breach above 201.20 (23.6% Fibonacci retracement) opens up 202.00 (23.6% Fibonacci extension), but GBP/JPY may struggle to extend the recent series of higher highs and lows should fail to close above the 195.70 (61.8% Fibonacci extension) to 196.60 (23.6% Fibonacci extension) region.
A breach of the monthly low (195.04) may GBP/JPY toward the June low (192.73), with a move/close below the 192.40 (50% Fibonacci extension) to 193.50 (38.2% Fibonacci extension) zone opening up the May low (190.33).
--- Written by David Song, Senior Strategist at FOREX.com
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Disclaimer
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.