GBPJPY testing resistance, potential drop!
GBPJPY is approaching our first resistance at 149.21 (horizontal swing high resistance, 38.2% Fibonacci retracement). A strong reaction might occur below this level pushing price down to our major support at 147.08 (horizontal swing low support, 76.4% Fiboancci retracement). A breakout below our intermediate support at 147.42 (horizontal swing low support, 100% Fibonacci extension, 78.6% Fibonacci retracement) might provide the bearish acceleration to our major support level.
RSI is also seeing a short squeeze and is seeing a bearish divergence, in line with our bearish bias. A breakout below our support would be a good precursor for a potential drop in price.
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RSI is also seeing a short squeeze and is seeing a bearish divergence, in line with our bearish bias. A breakout below our support would be a good precursor for a potential drop 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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