22.04.202112:13 Forex Analysis & Reviews: GBPJPY reacting above ascending trendline support! Bounce incoming!

Exchange Rates 22.04.2021 analysis

GBPJPY holding above long term descending trendline. A bounce above 1st support at 150.406 towards recent swing high and 1st resistance at 150.973 could be possible. RSI reacting above support where price bounced in the past as well.

Trading Recommendation

Entry: 150.406

Reason for Entry:

50% Fibonacci retracement, Ascending trendline support

Take Profit: 150.973

Reason for Take Profit:

-27.20% and 50% Fibonacci retracement

Stop Loss: 150.047

Reason for Stop Loss:

Graphical swing low

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Dean Leo,
Analytical expert
InstaForex Group © 2007-2021
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