GBPJPY to reach 148.00 then retrace

3 thg 8, 2017

GBPJPY may reach 148.00 level which has served as a good resistance area when the pair reached this level before 3 times since the middle of Dec. 2016. This area also acted as a strong support in before in 2013 and 2016 so we may expect a retrace to the 143.00-144.00 levels when the price hits this area in just few days where the price could find some support at the trend line. A break below this trend line would trigger a move down to 139.00 area where price may find some support action and then retrace or move down to new areas of interest which are around of 135.00 and 125.00.