Daily Video Analysis: GBPJPY facing bullish pressure, potential for further rise!

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Daily Video Analysis: GBPJPY facing bullish pressure, potential for further rise!

Today we take a look at GBPJPY. Combining advanced technical analysis methods such as Fibonacci confluence, correlation, market structure, oscillators and demand/supply zones, we identify high probability trading setups. Price is currently holding above the EMA (21) and ascending trendline support, showing bullish pressure in line with our analysis. We could see a bounce at our buy entry level, in line with our 23.6% and 50% Fibonacci retracement levels, and further rise up towards our take profit levels where the -27.2% and -61.8% Fibonacci retracement levels are at.

The material has been provided by InstaForex Company – www.instaforex.com

Source : https://www.fx.co/forex_analysis/quickview/201294/