GBPJPY facing bullish pressure, potential for further upside
GBPJPY is facing upside pressure from ascending trendline support on the daily and weekly timeframe. It is also taking support from the horizontal swing low support which coincides with the 127.2% Fibonacci extension as well as the 161.8% Fibonacci extension. It will probably bounce to our 1st resistance which is our horizontal swing high resistance as well as the 61.8% Fibonacci retracement level. If prices fall through, our stop loss will be at 2nd support which is our horizontal swing low support as well as the 78.6% Fibonacci retracement level. MACD is also suggesting that prices are bullish.
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