FX.co ★ GBP/JPY Broke Out Of Support, Prepare For Strong Drop

GBP/JPY broke out of its short term ascending support line and has reacted off its resistance at 149.13 (horizontal overlap resistance, 23.6%, 50% Fibonacci retracement). We expect price to drop further to its support at 148.20 (horizontal swing low support, 76.4% Fibonacci retracement). Ichimoku cloud is also showing signs of bearish pressure.

RSI (89) is seeing a bearish exit in line with our bearish view.

Sell below 149.13. Stop loss at 149.65. Take profit at 148.18.