It's likely that the price is going to reach the nearest resistance at 1.2851 - 1.2877. This area could be a departure point for a decline...
GBP/JPY reversed from resistance zone
- GBP/JPY reversed from resistance zone
- Next sell target - 144.60
GBP/JPY recently reversed down from the powerful resistance zone lying between the multi-month resistance level 148.60 (which stopped the previous primary ABC correction ② in December, as can be seen from the daily GBP/JPY chart below), upper daily Bollinger Band and the 61.8% Fibonacci correction of the sharp downward impulse from last July.
GBP/JPY is expected to fall to the next sell target at the next support level 144.60 (previous resistance level from January, acting as support now after it was broke earlier).
Narrowing bearish Ichimoku Cloud with rising Senkou Span A; a dead cross of Tenkan-sen and Kijun-sen, but rising Tenkan-sen; the bulls could breakout the Kijun’s resistance.
GBP/JPY broke support level 141…
Recommendation: BUY 0,9765 SL 0,971 TP1 0,985 TP2 0,9895…