GBPJPY approaching resistance, potential drop!
GBPJPY is approaching our first resistance at 143.30 (horizontal overlap resistance, 38.2%, 23.6% Fibonacci retracement, 61.8% Fibonacci extension, Elliot wave structure) and a strong reaction might occur below this level pushing price down to our major support at 139.48 (horizontal swing low support, 100% Fibonacci extension, Elliot wave structure).
Stochastic (89,5,3) is also approaching our resistance and a reaction below this level might see a corresponding drop 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 resistance and a reaction below this level might see a corresponding drop in price.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.