GBPJPY reversed nicely off its resistance, potential drop!
GBPJPY reversed nicely off its resistance at 149.372 (100% Fibonacci extension , 38.2% Fibonacci retracement , horizontal swing high resistance) where it could potentially drop to its 1st support at 146.167 (L T 61.8% Fibonacci retracement , 76.4% Fibonacci retracement ) or to its 2nd support at 145.140 (Horizontal overlap support). We have also identified another resistance at 150.938 (61.8% Fibonacci extension , 50% Fibonacci retracement , horizontal swing high resistance).
Stochastic (89, 5, 3) shows a corresponding reversal off its resistance at 97.89% where it has a lot of downside potential.
Stochastic (89, 5, 3) shows a corresponding reversal off its resistance at 97.89% where it has a lot of downside potential.
This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results
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