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theforexarmy

GBPJPY Approaching Support, Prepare For A Bounce!

Long
British Pound / Japanese Yen (FX:GBPJPY)  
theforexarmy  
FX:GBPJPY   British Pound / Japanese Yen
Trend Analysis Harmonic Patterns Chart Patterns GBPJPY GBP jpy gbpjpylong Forex forexsignals
4
0
trendanalysis harmonicpatterns chartpattern gbpjpy gbp jpy gbpjpylong forex forexsignals
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.
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