GBPJPY reacted off resistance, further potential drop!

٢٢ مارس ٢٠١٨GBPJPY reacted off our first resistance at 150.0 (horizontal swing high resistance, 100% Fibonacci extension). A strong reaction might occur pushing price down to our major support at 147.92 (horizontal swing low support, 61.8% Fibonacci extension). A breakout of our intermediate support level at 148.58 (horizontal overlap support, 50% Fibonacci retracement) might provide further bearish acceleration to our major support level.

Stochastic (89,5,3) is approaching its major resistance level at 95% and a corresponding drop in price might occur should it react off this level.

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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Price dropped perfectly to our major support! Did you manage to get in on this trade?