GBPJPY Daily Analysis | 6th April 2020
Price reacted off the low of 18th March 2020, and has been drifting higher since.
Currently, price is holding above long term 34-period EMA and Stochastics is also reacting ascending trendline support where price bounced in the past.
Price seems to show a short term bounce above our Buy entry at 132.471 towards key resistance at 137.209. Key resistance is a strong level given that it falls in line with both the -27.2% Fibonacci retracement and 1.272% Fibonacci extension.
Currently, price is holding above long term 34-period EMA and Stochastics is also reacting ascending trendline support where price bounced in the past.
Price seems to show a short term bounce above our Buy entry at 132.471 towards key resistance at 137.209. Key resistance is a strong level given that it falls in line with both the -27.2% Fibonacci retracement and 1.272% Fibonacci extension.
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Follow and Trade this analysis from your Charts. FXCM now Integrated with TradingView. Contact FXCM for more information.
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.