GBP/JPY pullback reaches 144 ema and 50% fibonacci resistance

Chris Svorcik Elite CurrenSea

The GBP/JPY made a bullish pullback after a strong downtrend (red candles). The bears could soon regain control again and aim for the 130 target.

4 hour chart

The GBP/JPY pullback reached the 50% Fibonacci and 144 ema resistance confluence, which could end the pullback. A breakout below the support trend lines (green) and the 21 ema zone would confirm the downtrend (orange arrows and green check)).

The first target is the Wizz 7 level at 130.80 but an extension towards the Wizz 8 target at 130 is likely too. Once price breaks below the 21 ema zone, price should stay under it. A re-break above the 21 ema zone and 144 ema could invalidate (red x) the bearish outlook.

The analysis has been done with the CAMMACD.Core System.

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Author

Chris Svorcik

Elite CurrenSea

Experience Chris Svorcik has co-founded Elite CurrenSea in 2014 together with Nenad Kerkez, aka Tarantula FX. Chris is a technical analyst, wave analyst, trader, writer, educator, webinar speaker, and seminar speaker of the financial markets.

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