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Gbpjpy_outlook

GBPJPY Sellers maintain 1M, Weekly, Daily, & 4H timeframes GBPJPY the sellers still maintain the overall downward momentum. As of right now price broken our daily support now resistance (135.11) and our H4 support level (135.2586). Price has also has reached our Weekly midrange support (135.00). What would happen now? Well because we have reached our weekly midrange support (135.00) we are anticipating a retracement. That's why we pulled out our Fibonacci tool to measure our potential pullback. Our fibs is drawn of the H2 time frame were price is refined and we finally got a solid support point. Now to draw our Fibonacci, starting from point A (135.814) to point B (134.961). If we look closely we can see where we get a perfect confluence. Our 38.2% level aligns perfectly with our H4 resistance level (135.286). With that in mind we are expecting a retracement to this level which we will be looking for selling opportunities. Four our targets we looking at (134.731) and (134.435).
Short
by NextPDT
2
GBPJPY reversed from resistance, potential drop! GBPJPY reversed off its resistance at 137.124 where it could potentially drop further to 136.067. *Disclaimer.* Trading leveraged products carries a high level of risk and may result in you losing substantially more than your initial investment. Pepperstone Group Limited is licensed and regulated by the Australian Securities and Investments Commission (AFSL 414530). Pepperstone Limited is authorised and regulated by the United Kingdom Financial Conduct Authority (FRN 684312). This information is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.
Short
by Pepperstone