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GBPJPY facing bullish pressure, potential for further upside!

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Price is facing bullish pressure as it continues to hold above the ascending trendline and Ichimoku cloud support, in line with our bullish bias. We could see price bounce at 1st support, in line with our 50% Fibonacci retracement, 100%, 127.2% Fibonacci extension and horizontal pullback support, and further upside towards 1st resistance, in line with 78.6% Fibonacci extension and horizontal swing high resistance.

Trading Recommendation

Entry: 154.309

Reason for Entry:

50% Fibonacci retracement, 100%, 127.2% Fibonacci extension and horizontal pullback support

Take Profit: 154.833

Reason for Take Profit:

78.6% Fibonacci extension and horizontal swing high resistance

Stop Loss: 153.829

Reason for Stop Loss:

161.8% Fibonacci extension and horizontal swing low support

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