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GBPJPY approaching support, potential rise!

Long
British Pound / Japanese Yen (FX:GBPJPY)  
Tickmill Broker Updated   
FX:GBPJPY   British Pound / Japanese Yen
Trend Analysis Harmonic Patterns Chart Patterns GBP jpy GBPJPY gbpjpylong gbpjpyshort Bitcoin (Cryptocurrency) crytocurrency Forex forextrading
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trendanalysis harmonicpatterns chartpattern gbp jpy gbpjpy gbpjpylong gbpjpyshort bitcoin crytocurrency forex forextrading
GBJPY is approaching our first support at 147.90 (horizontal overlap support, 100% Fibonacci extension, 76.4% Fibonacci retracement, Elliot wave structure) which coincides with our short term ascending support line. A strong bounce might occur at this level, pushing price up to our major resistance at 149.30 (61.8% Fibonacci retracement, horizontal overlap resistance).

Stochastic (55,5,3) is also approaching our major support level at 8%, a good precursor for a potential bounce in price should it bounce off this level.

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Trade closed: target reached:
Profit target reached perfectly guys!! Did you manage to get on this trade ?
This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results
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