Get started
Tickmill

GBPJPY approaching resistance, potential drop!

Short
British Pound / Japanese Yen (FX:GBPJPY)  
Tickmill Broker  
FX:GBPJPY   British Pound / Japanese Yen
Harmonic Patterns Trend Analysis Chart Patterns GBPJPY GBP jpy gbpjpylong gbpjpyshort Forex forextrading forexsignals
68
2
harmonicpatterns trendanalysis chartpattern gbpjpy gbp jpy gbpjpylong gbpjpyshort forex forextrading forexsignals
GBJPY is approaching our first resistance at 147.16 (horizontal overlap resistance, 23.6% Fibonacci retracement) and a strong drop might occur pushing price down to our major support at 144.86 (horizontal overlap support, 50% Fibonacci retracement).
RSI (55) is also seeing a bearish exit and we might see a corresponding drop in price. Ichimoku cloud is also showing signs of bearish pressure in line with our bearish bias.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results
Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.