GBPJPY facing bullish pressure, potential for more upside!

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Price is consolidating within the ascending channel and reacting above the ascending channel support. Price could potentially bullish from 1st support at 156.719 in line with 23.6% Fibonacci retracement and 61.8% Fibonacci extension to 1st resistance at 158.888 in line with 127.2% Fibonacci retracement and 78.6% Fibonacci extension. Our bullish bias is further supported by how price is trending above the Ichimoku cloud and also by how RSI is abiding to the ascending trendline support. Otherwise price may bearish towards 2nd support at 155.357 in line with 38.2% Fibonacci retracement and 100% Fibonacci extension.

Trading Recommendation

Entry: 156.719

Reason for Entry:

23.6% Fibonacci retracement and 61.8% Fibonacci extension

Take Profit: 158.888

Reason for Take Profit:

127.2% Fibonacci retracement and 78.6% Fibonacci extension

Stop Loss: 155.357

Reason for Stop Loss:

38.2% Fibonacci retracement and 100% Fibonacci extension.

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

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