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ICmarkets
Jun 22, 2018 3:48 AM

GBPJPY approaching resistance, potential drop!  Short

British Pound/Japanese YenFXCM

Description

Price is approaching our first resistance at 146.12 (horizontal overlap resistance, 50% Fibonacci retracement, 100% Fibonacci extension) where price might drop to our major support at 144.61 (horizontal swing low support).
Stochastic (55,5,3) is also seeing a bearish divergence and is approaching its resistance and a reaction off this level might see a corresponding drop in price.
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