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.
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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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