GBPJPY approaching support, potential bounce!
GBPJPY is approaching our first support at 147.11 (horizontal swing low support, 78.6% Fibonacci retracement). A strong bounce might occur above this level, pushing price up to our major resistance at 152.44 (horizontal swing high resistance, 61.8% Fibonacci extension, 78.6% Fibonacci retracement). A breakout above our intermediate resistance at 150.60 (horizontal overlap resistance, 61.8% Fibonacci retracement) might provide the bullish acceleration to our major resistance target.
Stochastic (89,5,3) is also approaching our major support and a bounce off this level might be a good precursor for a potential rise in price.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
Stochastic (89,5,3) is also approaching our major support and a bounce off this level might be a good precursor for a potential rise in price.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
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