GBP/JPY carves a series of lower highs and lows after failing to test the December high (198.96), and a close below the 195.70 (61.8% Fibonacci extension) to 196.60 (23.6% Fibonacci extension) region may push GBP/JPY back towards the June low (192.73).
Failure to defend the 192.40 (50% Fibonacci extension) to 193.50 (38.2% Fibonacci extension) zone may lead to a test of the May low (190.33), but the recent selloff in GBP/JPY may turn out to be temporary should it snap the bearish price series carried over from last week.
A breach above the December high (198.96) may lead to a test of the November high (199.56), with the next area of interest coming in around the October high (199.81).
--- Written by David Song, Senior Strategist at FOREX.com
Failure to defend the 192.40 (50% Fibonacci extension) to 193.50 (38.2% Fibonacci extension) zone may lead to a test of the May low (190.33), but the recent selloff in GBP/JPY may turn out to be temporary should it snap the bearish price series carried over from last week.
A breach above the December high (198.96) may lead to a test of the November high (199.56), with the next area of interest coming in around the October high (199.81).
--- 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.