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Salzworth
Jan 12, 2022 9:12 AM

Outlook on GBPJPY: Bearish play seen  Short

British Pound / Japanese YenFOREX.com

Description

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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