Salzworth

Outlook on GBPJPY: Bearish play seen

Short
FOREXCOM:GBPJPY   British Pound / Japanese Yen
On the daily time frame, prices mitigated a key resistance zone where we could see further downside below this level. On the M30 time frame, a pullback to the resistance zone at 157.606, in line with the 127.2% Fibonacci extension , presents an opportunity to sell with 156.755 as our support target. Stochastic is approaching resistance as well where we could see a reversal below this level.
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