GBPJPY analysis - last week price action review

h4 chart at market close

Price went down to 129.5 region which is the 138.2% fibo level of previous week hi-lo. Then it went 620 pip but still unable to break 61.8% level; which usually is an indication that bears are still in control.

Next week there are several resistances for the bulls to test, namely:
  1. the immediate trendline
  2. fibo 61.8% level
  3. fibo 50% level

As long the price remains below fibo 50%, my bias will stays bearish. Should the price be able to break 129.50, it might try to go to 124.00 :-SS

By the way, keep your stop-loss tight and trade what you see... :d
Good luck and happy trading...


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