Daily Video Analysis: GBPJPY facing bearish pressure, potential for a further drop!

Today we take a look at GBPJPY. Combining advanced technical analysis methods such as Fibonacci confluence, correlation, market structure, oscillators and demand/supply zones, we identify high probability trading setups. Price is holding below descending trendline resistance, where we could see a reversal at sell entry level, in line with 61.8% Fibonacci retracement, and further downside towards our take profit levels, which are in line with 23.6% and 38.2% Fibonacci retracement levels respectively.

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