GBPJPY potential for bounce! | 29th Nov 2021
Prices is abiding by an ascending trendline. We see potential for bounce from our buy entry at 150.828 in line with 78.6% Fibonacci retracement, 100% and 161.8% Fibonacci extension towards our Take Profit at 152.571 in line with 50% and 23.6% Fibonacci retracement. RSI is at a level where bounces previously occurred. Alternatively, our stop loss will be placed at 149.627 which is in line with 200% Fibonacci extension and 127.2% Fibonacci extension.
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Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, as general market commentary, and do not constitute investment advice. The market commentary has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and it is therefore not subject to any prohibition on dealing ahead of dissemination. Although this commentary is not produced by an independent source, FXCM takes all sufficient steps to eliminate or prevent any conflicts of interest arising out of the production and dissemination of this communication. The employees of FXCM commit to acting in the clients' best interests and represent their views without misleading, deceiving, or otherwise impairing the clients' ability to make informed investment decisions. For more information about the FXCM's internal organizational and administrative arrangements for the prevention of conflicts, please refer to the Firms' Managing Conflicts Policy. Please ensure that you read and understand our Full Disclaimer and Liability provision concerning the foregoing Information, which can be accessed on the website.