GBPJPY reacted off resistance, potential drop!

GBPJPY reacted off its first resistance level at 149.71 (78.6% Fibonacci retracement, horizontal swing high resistance, 61.8% Fibonacci extension). A strong reaction might occur at this level pushing price down to our major support at 147.01 (Horizontal swing low support, 61.8% Fibonacci retracement, 61.8% Fibonacci extension). A break out of its intermediate support at 148.58 (horizontal overlap support, 23.6% Fibonacci retracement) would provide further bearish signal.

Stochastic (89,5,3) is also approaching its major resistance at 95%, a good precursor for a potential drop should it react off this level.

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