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MEX_Exchange

GBPJPY Approaching Resistance, Prepare For a Reversal

Short
British Pound / Japanese Yen (FX:GBPJPY)  
MEX_Exchange  
FX:GBPJPY   British Pound / Japanese Yen
Trend Analysis Harmonic Patterns Chart Patterns GBPJPY GBP jpy gbpjpyshort Forex forexsignals Bitcoin (Cryptocurrency) bitcoinforecast
19
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trendanalysis harmonicpatterns chartpattern gbpjpy gbp jpy gbpjpyshort forex forexsignals bitcoin bitcoinforecast
Sell below 153.90. Stop loss at 154.57. Take profit at 152.13.
Reason for the trading strategy (technically):
GBPJPY is approaching its resistance at 153.90 (76.4% Fibonacci retracement, multiple swing high resistance) where we expect prices to fall to its support at 152.13 (23.6% Fibonacci retracement, horizontal overlap support).
Stochastic (89, 5, 3) is approaching its resistance at 98% where we expect to see a similar reversal.
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