GBPJPY is approaching support where we expect a bounce.
Buy above 143.08. Stop loss 141.21. Take profit at 146.20.
Reason for the trading strategy (technically):
GBPJPY is approaching our support at 143.08 (Horizontal overlap support, 78.6% Fibonacci retracement, 100% Fibonacci extension) where we expect price to bounce above this level to our resistance at 146.20 (horizontal pullback resistance, 100% Fibonacci extension, 50% Fibonacci retracement).
Stochastic (55,5,3) is also seeing a bullish divergence and is approaching its support where a bounce off this level will see a corresponding rise in price.
Buy above 143.08. Stop loss 141.21. Take profit at 146.20.
Reason for the trading strategy (technically):
GBPJPY is approaching our support at 143.08 (Horizontal overlap support, 78.6% Fibonacci retracement, 100% Fibonacci extension) where we expect price to bounce above this level to our resistance at 146.20 (horizontal pullback resistance, 100% Fibonacci extension, 50% Fibonacci retracement).
Stochastic (55,5,3) is also seeing a bullish divergence and is approaching its support where a bounce off this level will see a corresponding rise in price.
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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.
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.