GBPJPY Bounced Nicely Off Its Support
Buy above 150.58. Stop loss 149.69. Take profit at 153.85.
Reason for the trading strategy (technically):
GBPJPY tested its support at 150.58 (61.8% Fibonacci retracement, 38.2% Fibonacci retracement, horizontal overlap support, ascending support line) where we expect it to rise further to its resistance at 153.85 (100% Fibonacci extension, 61.8% Fibonacci extension, 76.4% Fibonacci retracement, horizontal swing high resistance). We do have to be cautious of the intermediate resistance at 152.19 (50% Fibonacci retracement, horizontal overlap resistance).
Stochastic (89, 5, 3) bounced off its support at 2.03% where it has a lot of upside potential.
Reason for the trading strategy (technically):
GBPJPY tested its support at 150.58 (61.8% Fibonacci retracement, 38.2% Fibonacci retracement, horizontal overlap support, ascending support line) where we expect it to rise further to its resistance at 153.85 (100% Fibonacci extension, 61.8% Fibonacci extension, 76.4% Fibonacci retracement, horizontal swing high resistance). We do have to be cautious of the intermediate resistance at 152.19 (50% Fibonacci retracement, horizontal overlap resistance).
Stochastic (89, 5, 3) bounced off its support at 2.03% where it has a lot of upside potential.
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