GBP/JPY Approaching Resistance, Prepare For Reversal

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The GBP/JPY pair is approaching its resistance at 140.20 (100% Fibonacci extension, 50% Fibonacci retracement, horizontal overlap resistance) where it is expected to reverse down to its support at 136.89 (38.2% Fibonacci retracement, horizontal swing low support).

Stochastic (89, 5, 3) is nearing its resistance at 98% where a corresponding reversal is anticipated.

GBP/JPY is approaching its resistance where we expect to see a reversal.

Sell below 140.20. Stop loss at 142.74. Take profit at 136.89.

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

Source:: GBP/JPY Approaching Resistance, Prepare For Reversal

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