Description:
GBPJPY broke out of descending trendline resistance and is currently taking support on horizontal swing low support in line with 38.2% Fibonacci retracement and 78.6% Fibonacci extension . Prices might push up towards horizontal swing high resistance in line with 78.6% Fibonacci extension and 61.8% Fibonacci retracement. If prices push down, prices might take support on horizontal swing low support in line with 161.8% Fibonacci extension and 78.6% Fibonacci retracement . 34 EMA is also below prices, showing a bullish pressure for prices.
Trading Recommendation
Entry: 153.352
Reason for Entry:
Horizontal swing low support, 38.2% Fibonacci retracement, 78.6% Fibonacci extension
Take Profit: 154.226
Reason for Take Profit:
Horizontal swing high resistance, 78.6% Fibonacci extension, 61.8% Fibonacci retracement
Stop Loss: 152.825
Reason for Stop Loss:
Horizontal swing low support, 161.8% Fibonacci extension, 78.6% Fibonacci retracement
