GBPJPY is approaching our first resistance at 149.23 (horizontal swing high resistance, 100% Fibonacci extension, 38.2% Fibonacci retracement). A strong reaction might occur below this level, pushing price down to our major support at 147.11 (horizontal swing low support, 76.4% Fibonacci retracement).
Stochastic (55,5,3) is also approaching resistance where a reaction off this level might be a good precursor for a potential drop in price.
Losses can exceed the initial investment so please ensure you fully understand the risks Trading CFDs on margin carries high risk.
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