GBP/JPY Approaching Support, Watch For A Bounce

GBP/JPY 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.

GBP/JPY is approaching support where we expect a bounce.

Buy above 143.08. Stop loss 141.21. Take profit at 146.20.


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