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.
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