GBP/JPY Approaching Resistance, Prepare For A Plunge

GBP/JPY is approaching our resistance at 147.04 (Horizontal overlap resistance, 23.6% Fibonacci retracement) where we expect a further below this level to our support at 145.05 (horizontal swing low support). We do have to be cautious of our intermediate support at 145.96 (horizontal overlap support, 100% Fibonacci extension).

RSI (21) is also seeing a bearish exit and Ichimoku cloud is showing signs of bearish pressure, in line with our bearish view.

Sell below 147.04. Stop loss 147.65. Take profit at 145.05.

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