GBPJPY below descending trendline resistance! Drop Incoming!

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GBPJPY is holding below descending trendline resistance and may bearish from 1st resistance at 151.529 in line with 61.8% Fibonacci retracement and 61.8% Fibonacci extension to 1st support at 149.232 in line with Horizontal swing low and 61.8% Fibonacci extension. Our bearish view is further supported by how Stochastic is reacting below resistance where price dropped in the past. Otherwise price may bullish towards 2nd resistance at 152.573 in line with Horizontal swing high and 100% Fibonacci extension.

Trading Recommendation

Entry: 151.529

Reason for Entry:

61.8% Fibonacci retracement and 61.8% Fibonacci extension

Take Profit: 149.232

Reason for Take Profit:

Horizontal swing low and 61.8% Fibonacci extension

Stop Loss: 152.573

Reason for Stop Loss:

Horizontal swing high and 100% Fibonacci extension.

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

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