GBPJPY Nice Short Opportunity
After the bull rally, we may see bulls continue to push price higher, until they reach resistance level zone at 143.40s (previous support as indicated by blue box). This price zone also coincides with the 61.8 Fibonacci level, where we can see a reversal to the downside. Price at 143.40 is also an area where it is likely to be a bounce down off of the trend line intersection (indicated with downwards arrow). Price is also in an overall downtrend. It is a nice sell opportunity as we will see a lower high forming, before hitting a lower low towards our target of 136! A nice ratio of 2:1.
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.