GBPJPY broke out of support, potential drop!

22 мая 2018 г.

GBPJPY broke out of our short term ascending support line and is approaching our first resistance at 149.13 (horizontal overlap resistance, 23.6% Fibonacci retracement) where price might potentially fall to our first support at 148.17 (horizontal swing low support, 61.8% Fibonacci retracement, 100% Fibonacci extension). A breakout below this level might push price down to our second support at 147.69 (horizontal swing low support, 76.4% Fibonacci retracement).
Ichimoku cloud is also showing signs of bearish pressure in line with our bearish bias. RSI (89) is also seeing a bearish exit where we might see a corresponding drop in price.