FX.co ★ GBPJPY testing ascending trend line, potential for a bounce

GBPJPY is testing ascending trend line and also an overlap support level. Price could potentially make a bounce from here and see a short term recovery up to 1st resistance at 151.28 area. Our 2nd support is slightly beyond the market structure to protect our position and also positioned slightly below at 78.6% Fibonacci retracement.

Trading Recommendation

Entry: 148.39

Reason for Entry:

Ascending trend line, overlap support

Take Profit: 151.28

Reason for Take Profit:

Overlaps support, 38.2% Fibonacci retracement

Stop Loss: 146.61

Reason for Stop Loss:

Beyond market structure, below 78.6% Fibonacci projection