FX.co ★ GBPJPY is facing Bullish pressure.

Price is reacting above first support at 150.097 in line with 61.8% Fibonacci retracement and 61.8% Fibonacci extension. It could be potentially bullish from first support to first resistance at 152.449 in line with 78.6% Fibonacci retracement and 23.6% Fibonacci extension. Our bullish bias is further supported by how MACD is shown to be holding above the 0 line. Otherwise price may continue to bearish to 2nd support at 149.2 in line with 78.6% Fibonacci retracement and 78.6% Fibonacci extension.

Trading Recommendation

Entry: 150.097

Reason for Entry: 61.8% Fibonacci retracement and 61.8% Fibonacci extension

Take Profit: 152.449

Reason for Take Profit: 78.6% Fibonacci retracement and 23.6% Fibonacci extension

Stop Loss: 149.20

Reason for Stop Loss: 78.6% Fibonacci retracement and 78.6% Fibonacci extension.