FX.co ★ GBPJPY facing bullish pressure, potential for further upside!

Price is facing bullish pressure as it continues to hold above the ascending trendline support. We could potentially see a bounce at our 1st support at 150.953 in line with 50% Fibonacci retracement and 50% Fibonacci extension, and a further rise towards our 1st resistance at 152.449 which is in line with our 78.6% Fibonacci retracement and 23.6% Fibonacci extension . It is worth noting that the MACD is above the 0 line, showing bullish pressure in line with our analysis. Otherwise price may bearish towards 2nd support at 150.464 in line with 61.8% Fibonacci retracement and 61.8% Fibonacci extension.

Trading Recommendation

Entry: 150.953

Reason for Entry:

50% Fibonacci retracement and 50% Fibonacci extension

Take Profit: 152.449

Reason for Take Profit:

78.6% Fibonacci retracement and 23.6% Fibonacci extension

Stop Loss: 150.464

Reason for Stop Loss:

61.8% Fibonacci retracement and 61.8% Fibonacci extension