GBPJPY Approaching Support, Prepare For A Bounce
Buy above 147.06.
Stop loss at 146.09.
Take profit at 148.28.
Reason for the trading strategy (technically):
GBPJPY is approaching its support at 147.06 (100% Fibonacci extension x2, 38.2% Fibonacci retracement, horizontal overlap support) where it could potentially bounce to its resistance at 148.28 (61.8% Fibonacci retracement, horizontal pullback resistance).
Stochastic (89, 5, 3) is approaching its support at 4.8% where a corresponding bounce could occur.
Stop loss at 146.09.
Take profit at 148.28.
Reason for the trading strategy (technically):
GBPJPY is approaching its support at 147.06 (100% Fibonacci extension x2, 38.2% Fibonacci retracement, horizontal overlap support) where it could potentially bounce to its resistance at 148.28 (61.8% Fibonacci retracement, horizontal pullback resistance).
Stochastic (89, 5, 3) is approaching its support at 4.8% where a corresponding bounce could occur.