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FX.co ★ GBP/JPY Testing Resistance, Prepare for a Reversal

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Forex Analysis:::2018-04-05T05:35:04

GBP/JPY Testing Resistance, Prepare for a Reversal

Price is testing its resistance at 150.600 (100% Fibonacci extension, 61.8% Fibonacci retracement, horizontal swing high resistance) where we expect a reversal, pushing price down to its support at 149.681 (61.8% Fibonacci extension, 61.8% Fibonacci extension, 50% Fibonacci retracement, 38.2% Fibonacci retracement, horizontal overlap support).

Stochastic (89, 5, 3) is at resistance at 97.8% where we expect to see a corresponding reaction.

Sell below 150.600. Stop loss at 150.927. Take profit at 149.681

GBP/JPY Testing Resistance, Prepare for a Reversal

Analyst InstaForex
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