GBPJPY Approaching Support, Prepare For A Bounce!
Buy above 144.72. Stop loss 143.72. Take profit at 146.95.
Reason for the trading strategy (technically):
GBPJPY is approaching its support at 144.72 (100%, 100% & 61.8% Fibonacci extension, 76.4% Fibonacci retracement x2, horizontal overlap support) where it is expected to bounce up to its resistance at 146.95 (50% Fibonacci retracement, horizontal overlap resistance).
Stochastic (55, 5, 3) is approaching its support at 4.8% where a corresponding bounce is expected.
Reason for the trading strategy (technically):
GBPJPY is approaching its support at 144.72 (100%, 100% & 61.8% Fibonacci extension, 76.4% Fibonacci retracement x2, horizontal overlap support) where it is expected to bounce up to its resistance at 146.95 (50% Fibonacci retracement, horizontal overlap resistance).
Stochastic (55, 5, 3) is approaching its support at 4.8% where a corresponding bounce is expected.