GBPJPY Bearish drop | 24th Nov 2021

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Prices appear to be consolidating in a triangle. We see potential for drop from our 1st resistance at 154.078 in line with 61.8% Fibonacci extension 23.6% Fibonacci retracement and bearish trendline towards our 1st support at 152.810 in line with 61.8% Fibonacci retracement. Alternatively, our stop loss will be placed at 2nd resistance at 154.667 which is an area of Fibonacci confluences. Technical indicators are showing bearish momentum.

Trading Recommendation

Entry: 154.078

Reason for Entry:

61.8% Fibonacci extension 23.6% Fibonacci retracement and bearish trendline

Take Profit: 152.810

Reason for Take Profit:

61.8% Fibonacci retracement

Stop Loss: 154.667

Reason for Stop Loss:

area of Fibonacci confluences

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

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