GBPJPY Approaching Its Resistance, Prepare For A Reversal
Sell below 152.67. Stop loss 153.85. Take profit at 150.58.
Reason for the trading strategy (technically):
GBPJPY is approaching its resistance at 1525.67 (61.8% Fibonacci retracement, horizontal overlap resistance) where we expect to see a reaction, causing price to fall to its support at 150.58 (61.8% Fibonacci extension, 61.8% Fibonacci retracement, horizontal overlap support). We do have to be cautious of the intermediate support at 151.68 (50% Fibonacci retracement, horizontal pullback support).
Stochastic (89, 5, 3) is approaching its resistance at 97% where we expect to see a corresponding reaction.
Reason for the trading strategy (technically):
GBPJPY is approaching its resistance at 1525.67 (61.8% Fibonacci retracement, horizontal overlap resistance) where we expect to see a reaction, causing price to fall to its support at 150.58 (61.8% Fibonacci extension, 61.8% Fibonacci retracement, horizontal overlap support). We do have to be cautious of the intermediate support at 151.68 (50% Fibonacci retracement, horizontal pullback support).
Stochastic (89, 5, 3) is approaching its resistance at 97% where we expect to see a corresponding reaction.