GBPJPY is approaching our first resistance at 143.39 (horizontal pullback resistance, 100%, 61.8% Fibonacci extension, 38.2% Fibonacci retracement) where a strong drop might occur below this level pushing price down to our major support at 139.30 (horizontal swing low support, 100% Fibonacci extension, Elliot wave structure). A breakout below our intermediate support at 140.39 (horizontal swing low support, 161.8% Fibonacci extension) might provide the bearish acceleration to our major support target.
RSI (89) is also approaching resistance and a reaction below this level might see a corresponding drop in price.
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RSI (89) is also approaching resistance and a reaction below this level might see a corresponding drop in price.
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