FX.co ★ GBPJPY approaching ascending trendline, potential for bounce!

Price is approaching 1st support, in line with 78.6% Fibonacci retracement, 78.6% Fibonacci extension, horizontal swing low support and ascending trendline support. We could see a bounce here and further rise up towards 1st resistance, in line with 78.6% Fibonacci extension and horizontal swing high resistance. Stochastics has also bounced from the lower support where price has bounced in the past as well.

Trading Recommendation

Entry: 154.729

Reason for Entry:

78.6% Fibonacci retracement, 78.6% Fibonacci extension, horizontal swing low support and ascending trendline support

Take Profit: 155.378

Reason for Take Profit:

78.6% Fibonacci extension and horizontal swing high resistance

Stop Loss: 154.323

Reason for Stop Loss:

127.2% Fibonacci retracement, 100% Fibonacci extension and horizontal swing low support