GBPJPY reversed nicely off its resistance at 149.372 (100% Fibonacci extension, 38.2% Fibonacci retracement, horizontal swing high resistance) where it could potentially drop to its 1st support at 146.167 (L T 61.8% Fibonacci retracement, 76.4% Fibonacci retracement) or to its 2nd support at 145.140 (Horizontal overlap support). We have also identified another resistance at 150.938 (61.8% Fibonacci extension, 50% Fibonacci retracement, horizontal swing high resistance).
Stochastic (89, 5, 3) shows a corresponding reversal off its resistance at 97.89% where it has a lot of downside potential. Trading CFDs on margin carries high risk. Losses can exceed the initial investment so please ensure you fully understand the risks.
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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.