GBPJPY facing bullish pressure, potential for further upside

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Price is facing bullish pressure from 1st support at 148.727, in line with 61.8% fibonacci retracement, 78.6% fibonacci extension and horizontal swing low support. Prices could bounce to 1st resistance at 149.297 where it coincides with the horizontal swing high resistance as well as 61.8% fibonacci extension. If prices break through the ascending trendline support, prices could fall to the 2nd support where it coincides with the horizontal swing low support as well as 127.2% fibonacci extension and 61.89% fibonacci retracement. Price also holding above EMA, showing bullish pressure.

Trading Recommendation

Entry: 148.727

Reason for Entry:

Horizontal swing low support, 61.8% fibonacci retracement and 78.6% fibonacci extension

Take Profit: 149.297

Reason for Take Profit:

Horizontal swing high resistance, 61.8% extension

Stop Loss: 148.275

Reason for Stop Loss:

Horizontal swing low support, 127.2% fibonacci extension and 61.8% fibonacci retracement

The material has been provided by InstaForex Company - www.instaforex.com

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