Bulls protected extreme support at 158.25 last Friday. They came in strong to push back up to 160.00.
In the dailies, we see the lower high, lower low formation so we continue to be bearish on GBPJPY. The only question now is at which retracement level will the bears come again?
By plotting the fibonacci retracement of the whole bearish leg of Wednesday to Friday, we see 160.80 as the 50% bargain level and also the high of the latest price action. Bears should come in strong here. Their last level to make a sold trend continue is at 161.40.
If bears attack at 160.80 or any level lower than that, it will increase the probability of a bearish trend beyond 158.20.
In the dailies, we see the lower high, lower low formation so we continue to be bearish on GBPJPY. The only question now is at which retracement level will the bears come again?
By plotting the fibonacci retracement of the whole bearish leg of Wednesday to Friday, we see 160.80 as the 50% bargain level and also the high of the latest price action. Bears should come in strong here. Their last level to make a sold trend continue is at 161.40.
If bears attack at 160.80 or any level lower than that, it will increase the probability of a bearish trend beyond 158.20.
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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.