GBPJPY broke out of our short term ascending support line and is approaching our first resistance at 149.13 (horizontal overlap resistance, 23.6% Fibonacci retracement) where price might potentially fall to our first support at 148.17 (horizontal swing low support, 61.8% Fibonacci retracement, 100% Fibonacci extension). A breakout below this level might push price down to our second support at 147.69 (horizontal swing low support, 76.4% Fibonacci retracement).
Ichimoku cloud is also showing signs of bearish pressure in line with our bearish bias. RSI (89) is also seeing a bearish exit where we might see a corresponding drop in price.
Ichimoku cloud is also showing signs of bearish pressure in line with our bearish bias. RSI (89) is also seeing a bearish exit where we might see a corresponding drop in price.
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