Gj has been consolidating on the daily chart. The pair is in level 3 and we expect the pair to sell. From the chart we have strong support and we will initiate a sell when the pair breaks the trendline. Initiate trade on 15 minutes chart to reduce retracement. The stoploss -50 pips with take profit 1 of 50 pips tp2 -147.435 tp3-143.766
Nice idea on GBPJPY and there may be bearish potential as you have identified. The 1st resistance that we have identified is at 149, which coincides with the resistance level that you have identified. It is a horizontal swing low resistance, with 76.4% Fibonacci retracement and 61.8% Fibonacci extension. Stochastic is approaching its resistance at 97% where a corresponding reversal could occur. If a reversal does occur, we may take a closer look at the 148.1 support. It is a horizontal swing low support with a 61.8% Fibonacci retracement. Looking forward to see how things develop.
Please have a look at our idea and share with us what you think.
Please have a look at our idea and share with us what you think.