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.
Losses can exceed the initial investment so please ensure you fully understand the risks Trading CFDs on margin carries high risk.
Trade closed: target reached
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Profit target reached perfectly guys!! Did you manage to get on this trade ?