GBP/JPY looking to gain momentum at 143.20

GBP/JPY looking to gain momentum at 143.20

GBP/JPY has started to correct its structure from 147.77 and it’s currently facing a strong support around 144.29, at which is located the Fibonacci retracement zone of 38.2%. Overall, the pair needs to do another leg lower to extend the correction towards the 50% Fibonacci area and then it could gain momentum to ride the bullish structure.

If GBP/JPY does a rebound above 143.21, it could travel towards the -23.6% Fibonacci retracement level at 149.92. RSI indicator is reaching oversold territory, calling for more upside in the short-term.

GBPJPYH4.png

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