ForexPinnacle

GBPJPY - 4 Hourly Analysis

FX:GBPJPY   British Pound/Japanese Yen
GBPJPY             has recently broken out of the wedge and price has seen a clear lower from the 4 Hourly resistance. Next sellers could look at 61.8% Fibonacci level and the 4 Hourly support as a good area to take some profit. Likewise spectators might see this area, as a good place to buy (placing stops below the 61.8% on a test and bounce). So watch out for a bounce at the 61.8% level, if the support area and 61.8% does eventually break then I would expect a lot more bears to enter this market. Have a successful week of trading :)
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