FX.co ★ Daily Video Analysis: GBPJPY facing bearish pressure, potential for a further drop!

Today we take a look at GBPJPY. Combining advanced technical analysis methods such as Fibonacci confluence, correlation, market structure, oscillators and demand/supply zones, we identify high probability trading setups. GBPJPY is facing bearish pressure and could drop further from our sell entry level at 139.339, in line with our 38.2% Fibonacci retracement and horizontal overlap resistance, towards our take profit level at 138.608, in line with our 61.8% Fibonacci extension and -27.2% Fibonacci retracement level. It is also worth noting that price has just broken the ascending trend line, which shows bearish pressure in line with our analysis.