Levels of resistance for further selling of GBPJPY
Price is currently at the 55 EMA/ 140.50. Stoch indicates further bearishness with the target for the month at 138.50
Price has passed the bearish target for the week with the monthly target 100 pips below WS3. At the time or writing this price continues to move lower. Should price pull back from current daily 55 support/ 140.50 resistance is eyed at 141, 141.50 and the zone between 142 and 143. Also pay attention to the H4 21 - currently in the zone between 142 and 143.
141 marks role reversal DM2, 141.50 is where the 21 is currently located though this will have moved lower before London open, 142 marks DPP, 142.50 marks the 61.8% fib of the recent bearish move/ role reversal of previous support and 143 marks the 78.6% fib.
About The Forex Analyst
I base my bias on central banking policy, risk sentiment and financial flows at key times of the year.I use securities as a leading indicator for forex with a focus on the strength and weakness of funding currencies. Always on the quest for yield.Analyst at Forex.Today's South African office. Chief Currency Coach at MetaTraders.com. Creator of the Hands Full of Rands social platforms.