FX.co ★ GBPJPY facing bearish pressure, potential for further downside!

Prices are facing short term bearish pressure from 1st resistance in line with 61.8% Fibonacci retracement and horizontal swing high resistance. Prices might push down towards horizontal pullback support in line with 127.2% Fibonacci extension and 61.8% Fibonacci retracement. If prices push up further, prices might face resistance from 2nd resistance in line with 127.2% Fibonacci retracement and 50% Fibonacci extension fibonacci confluence zone. Stochastics is also approaching resistance level 94.69 level, potential for further pushdown.

Trading Recommendation

Entry: 155.849

Reason for Entry:

Horizontal swing high resistance, 61.8% Fibonacci retracement

Take Profit: 154.813

Reason for Take Profit:

Horizontal pullback support, 127.2% Fibonacci extension, 61.8% Fibonacci retracement

Stop Loss: 156.260

Reason for Stop Loss:

127.2% Fibonacci retracement, 50% Fibonacci extension