Title
GBPJPY H4 | Bearish continuation
Type
Bearish Breakout
Preference:
GBPJPY is on a downtrend, it could break below the pivot at 189.034, the swing-low support that aligns with 38.2% Fibonacci retracement. From there, it could continue to fall to 1st support at 187.424, the overlap support which aligns with 61.8% Fibonacci retracement
Alternative scenario:
Price might rise to the 1st resistance at 190.008, the swing-high resistance.
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Desmond Leong runs an award-winning research firm (The Technical Analyst finalists 2018/19/20 for Best FX and Equity Research) advising banks, brokers and hedge funds. Backed by a team of CFA, CMT, CFTe accredited traders, he takes on the market daily using a combination of technical and fundamental analysis.