GBPJPY Approaching Resistance, Prepare For A Plunge
GBPJPY is approaching resistance where we are expecting a further drop.
Sell below 147.04. Stop loss 147.65. Take profit at 145.05.
Reason for the trading strategy (technically):
GBPJPY is approaching our resistance at 147.04 (Horizontal overlap resistance, 23.6% Fibonacci retracement) where we expect a further below this level to our support at 145.05 (horizontal swing low support). We do have to be cautious of our intermediate support at 145.96 (horizontal overlap support, 100% Fibonacci extension).
RSI (21) is also seeing a bearish exit and Ichimoku cloud is showing signs of bearish pressure, in line with our bearish view.
Sell below 147.04. Stop loss 147.65. Take profit at 145.05.
Reason for the trading strategy (technically):
GBPJPY is approaching our resistance at 147.04 (Horizontal overlap resistance, 23.6% Fibonacci retracement) where we expect a further below this level to our support at 145.05 (horizontal swing low support). We do have to be cautious of our intermediate support at 145.96 (horizontal overlap support, 100% Fibonacci extension).
RSI (21) is also seeing a bearish exit and Ichimoku cloud is showing signs of bearish pressure, in line with our bearish view.