FX.co ★ GBPJPY facing bullish pressure, potential for further upside!

Price continues to hold above the ascending trendline support and Ichimoku cloud, showing bullish pressure in line with our bullish bias. We could potentially see a bounce at our ascending trendline support and 1st support at 143.376, in line with our 38.2% Fibonacci retracement and 127.2% Fibonacci extension, and a further push up towards our 1st resistance level at 144.102, in line with our 100% Fibonacci extension and horizontal swing high resistance.

Trading Recommendation

Entry: 143.376

Reason for Entry:

127.2% Fibonacci extension, 38.2% Fibonacci retracement and horizontal swing low support

Take Profit: 144.102

Reason for Take Profit:

100% Fibonacci extension and horizontal swing high resistance

Stop Loss: 1143.009

Reason for Stop Loss:

61.8% Fibonacci retracement and horizontal swing low support