GBPJPY approaching support, potential bounce!
GBPJPY is approaching our first support 143.35 (horizontal pullback support, 38.2%, 61.8% fibonacci retracement) and a strong bounce might occur pushing price up to our major resistance at 144.20 (50% fibonacci retracement, horizontal swing low resistance).
Stochastic (34, 5, 3) is also approaching support and we might see a corresponding rise in price should it bounce off this level.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
Stochastic (34, 5, 3) is also approaching support and we might see a corresponding rise in price should it bounce off this level.
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