The recent rally in GBP/JPY seems to be unraveling as the exchange rate struggles to push/close above the 199.80 (61.8% Fibonacci retracement) to 200.50 (78.6% Fibonacci extension) zone.
In turn, failure to defend the weekly low (198.18) may push GBP/JPY back toward the 195.70 (61.8% Fibonacci extension) to 196.60 (23.6% Fibonacci extension) region, with a breach of the monthly low (195.04) bringing the 192.40 (50% Fibonacci extension) to 193.50 (38.2% Fibonacci extension) area on the radar, which incorporates the June low (192.73).
At the same time, a move/close above the 199.80 (61.8% Fibonacci retracement) to 200.50 (78.6% Fibonacci extension) zone opens up 201.20 (23.6% Fibonacci retracement), with the next area of interest coming in around 202.00 (23.6% Fibonacci extension).
--- Written by David Song, Senior Strategist at FOREX.com
In turn, failure to defend the weekly low (198.18) may push GBP/JPY back toward the 195.70 (61.8% Fibonacci extension) to 196.60 (23.6% Fibonacci extension) region, with a breach of the monthly low (195.04) bringing the 192.40 (50% Fibonacci extension) to 193.50 (38.2% Fibonacci extension) area on the radar, which incorporates the June low (192.73).
At the same time, a move/close above the 199.80 (61.8% Fibonacci retracement) to 200.50 (78.6% Fibonacci extension) zone opens up 201.20 (23.6% Fibonacci retracement), with the next area of interest coming in around 202.00 (23.6% Fibonacci extension).
--- Written by David Song, Senior Strategist at FOREX.com
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.