GBPJPY approaching resistance, further potential drop!
GBPJPY is approaching our first resistance at 147.04 (horizonal overlap resistance, 23.6% Fibonacci retracement) and price might potentially drop to its support at 145.05 (horizontal swing low support). We do have to be cautious of our intermediate support at 145.96 (horizontal swing low support, 100% Fibonacci extension, Elliot wave structure) and a breakout below this level might push price down to our first support.
RSI is also seeing a bearish exit and Ichimoku cloud is showing signs of bearish pressure in line with our bearish bias.
RSI is also seeing a bearish exit and Ichimoku cloud is showing signs of bearish pressure in line with our bearish bias.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.