GBJPY is testing its resistance, potential for a reversal!

5 apr 2018

Price is testing its resistance at 150.600 (100% Fibonacci extension, 61.8% Fibonacci retracement, horizontal swing high resistance) where a reversal may happen, pushing price down to its support at 149.681 (61.8% Fibonacci extension, 61.8% Fibonacci extension, 50% Fibonacci retracement, 38.2% Fibonacci retracement, horizontal overlap support). We have also identified another resistance at 150.927 (50% Fibonacci retracement, horizontal overlap resistance).

Stochastic (89, 5, 3) is at resistance at 97.8% where a corresponding reaction could occur.