FX.co ★ GBPJPY is facing bearish pressure, potential for further drop!

Price is facing bearish pressure from our resistance, in line with our horizontal pullback resistance, 23.6% fibonacci retracement and 100% fibonacci extension where we could see a reversal below this level. The Ichimoku cloud and 20 period EMA are showing signs of bearish pressure as well.

Trading Recommendation

Entry: 137.062

Reason for Entry:

horizontal pullback resistance, 23.6% fibonacci retracement and 100% fibonacci extension

Take Profit: 133.992

Reason for Take Profit:

78.6% fibonacci retracement, Horizontal overlap support

Stop Loss: 138.364

Reason for Stop Loss:

Horizontal pullback resistance, 38.2% fibonacci retracement