GBPJPY testing major resistance, potential plunge! Short

British Pound/Japanese YenFXCM

Description

⋅ May 18, 2018 5:24 AM

GBPJPY is testing major resistance at 149.86 (Fibonacci retracement, Fibonacci extension, horizontal overlap resistance) and a strong reaction could occur at this level to push prices down to major support at 147.14 (Fibonacci extension, horizontal swing low support).

Stochastic (55,5,3) is seeing major resistance at 94% where a corresponding reaction could occur.

Comments

UnknownUnicorn2012266

⋅ May 18, 2018 4:33 PM

thanks--this was a great trade setup

arrowminds

⋅ May 18, 2018 9:16 AM

4hr chart : Wave 3 finished and can expect fall to 149.10 @38.2% fib level and then uptrend to 153

rhux57

⋅ May 18, 2018 11:05 AM

@arrowminds, Bearish Divergence on H4.

arrowminds

⋅ May 18, 2018 3:16 PM

@rhux57, Bearish divergence at H1 with twin peaks and a nice drop as expected with 75 pips profit