GBPJPY reacting below descending trendline resistance! Drop incoming!

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GBPJPY reacting below descending trendline resistance. A drop below 1st resistance at 153.752 towards 1st support at 153.347 could be possible. Stochastic is testing resistance where price reacted in the past as well.

Trading Recommendation

Entry: 153.752

Reason for Entry:

78.6% Fibonacci retracement, descending trendline resistance

Take Profit: 153.347

Reason for Take Profit:

-61.8% and 23.6% Fibonacci retracement.

Stop Loss: 154.024

Reason for Stop Loss:

Graphical swing high

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

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