GBPJPY reversed nicely off its resistance, potential drop!

15 mar 2018

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.