On the 4HTF, GBPJPY is taking Fibo levels one by one, yesterday rising from the 23.6% Fibo level and closing above the 38.2% Fibo. Today the pair broke above the 50% Fibo level at 136.522. Moving averages are intertwined and pointing straight up, showing us a massive rally.
The pair has stalled at a strong area of support / resistance where the price spent most of June 2019 – between the 50% Fibo level and support 136.522 – 137.472.
A break above this resistance, will have further targets up at the 61.8% Fibo level from the previous downtrend at 138.878, followed by levels of resistance in the areas of 139.743, followed by 141.507. Minding that the pair may naturally be due for a retracement following a big move.
The pair has stalled at a strong area of support / resistance where the price spent most of June 2019 – between the 50% Fibo level and support 136.522 – 137.472.
A break above this resistance, will have further targets up at the 61.8% Fibo level from the previous downtrend at 138.878, followed by levels of resistance in the areas of 139.743, followed by 141.507. Minding that the pair may naturally be due for a retracement following a big move.