GBPJPY is Bearish - We look to Sell at 130.55
▪️ We have a 61.8% Fibonacci pullback level of 130.60 from 131.41 to 129.30.
▪️ The medium term bias remains bearish.
▪️ Bespoke resistance is located at 130.55.
▪️ Further downside is expected although we prefer to set shorts at our bespoke resistance levels at 130.55, resulting in improved risk/reward.
▪️ Expect trading to remain mixed and volatile.
Stop: 130.85
Target1: 129.30
Target2: 129.00
▪️ We have a 61.8% Fibonacci pullback level of 130.60 from 131.41 to 129.30.
▪️ The medium term bias remains bearish.
▪️ Bespoke resistance is located at 130.55.
▪️ Further downside is expected although we prefer to set shorts at our bespoke resistance levels at 130.55, resulting in improved risk/reward.
▪️ Expect trading to remain mixed and volatile.
Stop: 130.85
Target1: 129.30
Target2: 129.00
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