FX.co ★ GBPJPY is approaching key support, potential bounce!

Price is approaching our first support at 149.704 which is in line with 141.4% Fibonacci extension . It could potentially bounce from first support and rise further to first resistance at 153.442 in line with our 50% Fibonacci extension and 100% Fibonacci retracement. Otherwise price may continue to bearish to 2nd support at 148.469 in line with Horizontal swing low.

Trading Recommendation

Entry: 149.704

Reason for Entry:

141.4% Fibonacci extension

Take Profit: 153.442

Reason for Take Profit:

50% Fibonacci extension and 100% Fibonacci retracement.

Stop Loss: 148.469

Reason for Stop Loss:

Horizontal Swing Low