Lookout for a potential bounce on weakness!
GBPJPY bounced nicely off its support at 148.888 (61.8% Fibonacci extension x2, 61.8% Fibonacci retracement) where it could potentially rise to its 1st resistance at 150.485 (51.8% Fibonacci extension, Elliot wave structure, multiple swing high resistance) or to its 2nd resistance at 150.947 (100% Fibonacci extension, horizontal swing high resistance). We have also identified another support at 147.769 (100% Fibonacci extension).
Stochastic (21, 5, 3) bounced nicely off its support at 9.87% where a corresponding rise could occur.
Stochastic (21, 5, 3) bounced nicely off its support at 9.87% where a corresponding rise could occur.
Trade closed: target reached
Nice, GBPJPY reached our 1st resistance!
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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.