GBPJPY pulling back to ascending trendline resistance!

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GBPJPY pulling back to ascending trendline resistance!

GBPJPY pulling back to ascending trendline resistance!

GBPJPY pulling back to ascending trendline resistance!

GBPJPY broke below ascending trendline support (now resistance). A bounce above key swing low support and 1st support at 149.598 towards ascending trendline resistance and 1st resistance at 150.098 could be possible. Stochastic is testing support where price bounced in the past as well.

Trading Recommendation

Entry: 149.598

Reason for Entry:

Graphical swing low

Take Profit: 150.098

Reason for Take Profit:

38.2% Fibonacci retracement, Ascending trendline resistance

Stop Loss: 149.254

Reason for Stop Loss:

-27.20% Fibonacci retracement

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

Source : https://www.fx.co/forex_analysis/quickview/216657/