GBPJPY may drop further to its 1st support!

GBPJPY tested its resistance at 149.372 (100% Fibonacci extension , 38.2% Fibonacci retracement , horizontal swing high resistance) where it has the potential to drop it its 1st support at 146.167 (L T 61.8% Fibonacci retracement , 76.4% Fibonacci retracement ). We have also identified another resistance at 150.938 (61.8% Fibonacci extension , 50% Fibonacci retracement , horizontal swing high resistance). A short term ascending support turned resistance has also been identified.

Stochastic (89, 5, 3) shows how it reversed off its resistance at 97.89% where it still has a lot of downside potential.