GBP/JPY: Short based on Fibonacci Retracement and Moving Average
After the drop from 149.725 to 142.772, the price has bounced to 61.8% retracement of the drop. From here, we should see a retracement back down. The safe target is 38.2% retracement of this bounce, which is 145.56 area. The second target is 61.8% retracement of the bounce, which is 144.50 area.
Apart from the Fib levels, the proposed short trade is confirmed by,
1. The overbought RSI.
2. It is also confirmed by the fact that the price is getting rejected by the 200 day SMA.
GBPJPY
Apart from the Fib levels, the proposed short trade is confirmed by,
1. The overbought RSI.
2. It is also confirmed by the fact that the price is getting rejected by the 200 day SMA.
GBPJPY
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