GBPJPY 38.2% FIB retracement could lead to a 135.00 target
On our last GBPJPY analysis we awaited a retracement move to the (140.00) monthly support area which stopped short at around at around our daily resistance (138.700).
Reason for that is because priced retraced to 78.6% FIB level on our H4 chart and formed a bearish reversal pattern.
Fast forward to now we can take advantage on yet another retracement by placing our FIB tool on starting from point A (138.125) to point B (136.030) to noticing that price has
currently retraced to 38.2% level with wicks touching the 50% with a bearish spinning top from yesterday trading day.
The H4 timeframe is showing us the breach of our (136.00) H4 support zone. A break a retest of this zone will further confirm the downward momentum.
As of now price has dropped to (136.000) slightly engulfing past 4 day of price action. We are expecting a close of the daily candle around that price and the moving averages to confirm
sellers momentum. Our first target (135.450) with our second one below our weekly mid-range support at (134.700).
Reason for that is because priced retraced to 78.6% FIB level on our H4 chart and formed a bearish reversal pattern.
Fast forward to now we can take advantage on yet another retracement by placing our FIB tool on starting from point A (138.125) to point B (136.030) to noticing that price has
currently retraced to 38.2% level with wicks touching the 50% with a bearish spinning top from yesterday trading day.
The H4 timeframe is showing us the breach of our (136.00) H4 support zone. A break a retest of this zone will further confirm the downward momentum.
As of now price has dropped to (136.000) slightly engulfing past 4 day of price action. We are expecting a close of the daily candle around that price and the moving averages to confirm
sellers momentum. Our first target (135.450) with our second one below our weekly mid-range support at (134.700).
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