Technical Analysis for GBPJPY.
GBPJPY - Daily
Market (55 above 21) is bearish. Price (8 above 5) is bearish. Stochastic is overbought. Support levels at MS3/140.0, 139.0 and 13850. Resistance levels at MS2/142.0, MM1/143.0 and MS1/144.0. The daily chart is in a range and there for bulls would sell at support with a overbought stochastic and bears would sell at resistance with a oversold stochastic. Price has opened the month at MM3, the bear sell zone but has already reached the MM1 profit zone and is still continuing down.
GBPJPY - H4
Market (55 above 21) is bearish. Price (5 above 8) is flat. Stochastic is moving up. Support levels at WM2/140.0/MS3, WS1/139.0 and WM1/138.50. Resistance levels at WPP/141.0/138.2 fib, WM3/142.0/MS2/61.8 fib and MM1/143.0. The H4 chart is in a bearish trend, using Fibonacci bears would be looking for a lower high in the fib zone (between 38.2 and 61.8). Bulls would look to defend the WM2 buy zone and try to push price up to the bulls profit zone (WM4).