GBPJPY is testing ascending trend line and also an overlap support level. Price could potentially make a bounce from here and see a short term recovery up to 1st resistance at 151.28 area. Our 2nd support is slightly beyond the market structure to protect our position and also positioned slightly below at 78.6% Fibonacci retracement.
Trading Recommendation
Entry: 148.39
Reason for Entry:
Ascending trend line, overlap support
Take Profit: 151.28
Reason for Take Profit:
Overlaps support, 38.2% Fibonacci retracement
Stop Loss: 146.61
Reason for Stop Loss:
Beyond market structure, below 78.6% Fibonacci projection
