GBPJPY testing major resistance, potential drop!
GBPJPY is testing major resistance at 149.18 (Fibonacci retracement, bearish divergence, horizontal overlap resistance) and a strong drop could occur at this level to push price all the way down to major support at 147.50 (Fibonacci retracement, horizontal swing low support, Fibonacci extension).
Stochastic (89,5,3) is also seeing major resistance below 96% where a corresponding reaction could occur. We’re also seeing bearish divergence vs price signalling that a strong reversal could be approaching.
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Stochastic (89,5,3) is also seeing major resistance below 96% where a corresponding reaction could occur. We’re also seeing bearish divergence vs price signalling that a strong reversal could be approaching.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results