FX.co ★ GBPJPY broke out descending trendline, bounce incoming

Description:

GBPJPY broke out of descending trendline resistance and is currently taking support on horizontal swing low support in line with 38.2% Fibonacci retracement and 78.6% Fibonacci extension . Prices might push up towards horizontal swing high resistance in line with 78.6% Fibonacci extension and 61.8% Fibonacci retracement. If prices push down, prices might take support on horizontal swing low support in line with 161.8% Fibonacci extension and 78.6% Fibonacci retracement . 34 EMA is also below prices, showing a bullish pressure for prices.

Trading Recommendation

Entry: 153.352

Reason for Entry:

Horizontal swing low support, 38.2% Fibonacci retracement, 78.6% Fibonacci extension

Take Profit: 154.226

Reason for Take Profit:

Horizontal swing high resistance, 78.6% Fibonacci extension, 61.8% Fibonacci retracement

Stop Loss: 152.825

Reason for Stop Loss:

Horizontal swing low support, 161.8% Fibonacci extension, 78.6% Fibonacci retracement