GBP/JPY ending a possible bearish correction around 140.00

GBP/JPY ending a possible bearish correction around 140.00

GBP/JPY has started a corrective phase on June 20th as it managed to find a top around 142.53. During the last few days, the pair was doing an impulsive move from June 12th exactly and one could expect a demand to be found around the 200 SMA zone at H1 chart, given that it coincides with the Fibonacci retracement level of 50% at 140.61.

If we witness a rebound over there, GBP/JPY might look for the 142.53 level in a first degree, but the major target is placed around 143.44, where the -23.6% Fibonacci retracement level is located. To invalidate the bullish scenario, the pair needs to break below 139.51 (78.6%). RSI indicator is oversold at H1 chart.

GBPJPYH1.png

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