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GBP/JPY Testing Support, Prepare For A Bounce

GBP/JPY is approaching its support at 144.30 (100% Fibonacci extension, 76.4% Fibonacci retracement, horizontal overlap support) where price is expected to bounce up to its resistance at 145.93 (38.2% Fibonacci retracement, horizontal pullback resistance).

Stochastic (89, 5, 3) is testing its support at 2.7% where a corresponding bounce is expected.

GBP/JPY is testing its support where we expect to see a bounce.

Buy above 144.30. Stop loss at 143.18. Take profit at 145.93.

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