GBPJPY is facing bearish pressure, potential for further drop!

Price is facing bearish pressure from our resistance, in line with our horizontal pullback resistance, 23.6% fibonacci retracement and 100% fibonacci extension where we could see a reversal below this level. The Ichimoku cloud and 20 period EMA are showing signs of bearish pressure as well.

Trading Recommendation

Entry: 137.062

Reason for Entry:

horizontal pullback resistance, 23.6% fibonacci retracement and 100% fibonacci extension

Take Profit: 133.992

Reason for Take Profit:

78.6% fibonacci retracement, Horizontal overlap support

Stop Loss: 138.364

Reason for Stop Loss:

Horizontal pullback resistance, 38.2% fibonacci retracement

The material has been provided by InstaForex Company – www.instaforex.com

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MOKAR

Author: MOKAR

Mula berdagang dalam pasaran forex sejak tahun 2003. Manakala pasaran bursa saham tempatan dan global pada tahun 2018. Menjadikan trading online sebagai kerjaya sepenuh masa pada tahun 2019. Kerjaya sebelum ini adalah seorang salesman kereta. Berpengalaman dengan pelbagai teknik dan perguruan tetapi akhirnya sangat serasi dengan teknik FMCBR @ Fibo Musang melalui guruku Cikgu Baha & Cikgu Zul.

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