GBPJPY reacted off its first resistance level at 149.71 (78.6% Fibonacci retracement, horizontal swing high resistance, 61.8% Fibonacci extension). A strong reaction might occur at this level pushing price down to our major support at 147.01 (Horizontal swing low support, 61.8% Fibonacci retracement, 61.8% Fibonacci extension). A break out of its intermediate support at 148.58 (horizontal overlap support, 23.6% Fibonacci retracement) would provide further bearish signal.
Stochastic (89,5,3) is also approaching its major resistance at 95%, a good precursor for a potential drop should it react off this level.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
Stochastic (89,5,3) is also approaching its major resistance at 95%, a good precursor for a potential drop should it react off this level.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
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.
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.