GBPJPY Testing Its Support, Prepare For A Bounce
Buy above 148.99. Stop loss at 148.40. Take profit at 150.18.
Reason for the trading strategy (technically):
GBPJPY is testing its support at 148.99 (78.6% Fibonacci retracement, 61.8% Fibonacci extension, horizontal swing low support) where we expect to see a bounce, causing price to rise to its resistance at 150.18 (61.8% Fibonacci extension, horizontal overlap resistance).
Stochastic (89, 5, 3) is testing its support at 1.90% where a corresponding reaction is expected.
Reason for the trading strategy (technically):
GBPJPY is testing its support at 148.99 (78.6% Fibonacci retracement, 61.8% Fibonacci extension, horizontal swing low support) where we expect to see a bounce, causing price to rise to its resistance at 150.18 (61.8% Fibonacci extension, horizontal overlap resistance).
Stochastic (89, 5, 3) is testing its support at 1.90% where a corresponding reaction is expected.