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

GBPJPY is approaching support level in line with horizontal pullback support in line with 61.8% Fibonacci retracement and 161.8% Fibonacci extension . Prices might push up towards horizontal swing high resistance in line with 78.6% Fibonacci retracement and 61.8% Fibonacci extension . If prices push down further, prices might take support from horizontal pullback support in line with 78.6% Fibonacci extension and 78.6% Fibonacci retracement . Stochastics is also approaching 4.58 level, potential for a bounce.

Trading Recommendation

Entry: 152.825

Reason for Entry:

Horizontal pullback support, 161.8% Fibonacci extension, 61.8% Fibonacci retracement

Take Profit: 154.183

Reason for Take Profit:

Horizontal swing high resistance, 61.8% Fibonacci extension, 78.6% Fibonacci retracement

Stop Loss: 152.207

Reason for Stop Loss:

Horizontal pullback support, 78.6% Fibonacci retracement, 78.6% Fibonacci extension