GBPJPY: Bearish Breakout Imminent

GBPJPY – D1 Timeframe

GBPJPY is currently reacting to the weekly timeframe pivot around the 62% Fibonacci retracement level. The bearish sentiment is further confirmed based on the confluence of factors as listed;

• The break out of the channel;

• Retest of the trendline resistance;

• Drop-base-drop supply zone;

• 62% of the Fibonacci retracement.

Analyst’s Expectations:

Direction: Bearish

Target: 194.873

Invalidation: 199.598

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Author: Adetola-Freeman Ogunkunle