GBPJPY Daily Analysis | 6th April 2020
Price reacted off the low of 18th March 2020, and has been drifting higher since.
Currently, price is holding above long term 34-period EMA and Stochastics is also reacting ascending trendline support where price bounced in the past.
Price seems to show a short term bounce above our Buy entry at 132.471 towards key resistance at 137.209. Key resistance is a strong level given that it falls in line with both the -27.2% Fibonacci retracement and 1.272% Fibonacci extension.
Currently, price is holding above long term 34-period EMA and Stochastics is also reacting ascending trendline support where price bounced in the past.
Price seems to show a short term bounce above our Buy entry at 132.471 towards key resistance at 137.209. Key resistance is a strong level given that it falls in line with both the -27.2% Fibonacci retracement and 1.272% Fibonacci extension.
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