FX.co ★ GBPJPY bullish bounce| 30th Sep 2021

Price is reacting below the descending trendline resistance on the daily timeframe this shows an overall bearish trend, however we can expect a short-term bullish momentum for the price to bounce back to the resistance level. We can expect the price to bounce from the 1st Support in line with 61.8% Fibonacci Projection and 38.2% Fibonacci Retracement towards the 1st Resistance in line with 61.8% Fibonacci projection. Our bullish bias is further supported by the stochastic indicator where the %K line bounced from the support line.

Trading Recommendation

Entry:149.922

Reason for Entry:

38.2% Fibonacci Retracement and 61.8% Fibonacci projection

Take Profit: 152.161

Reason for Take Profit:

61.8% Fibonacci projection

Stop Loss: 149.156

Reason for Stop Loss:

78.6% Fibonacci projection