GBP/JPY: 4-hour
Is this a Guppy pullback I’m seeing? The pair broke below its short-term consolidation and is heading towards an area of interest visible on its 4-hour forex chart. Price could retreat to the 174.00 major psychological mark, which has acted as resistance in the past and is close to the 61.8% Fibonacci retracement level. Stochastic is already indicating oversold conditions so a bounce could take place sooner or later and take the pair back up to its previous highs near the 180.00 handle. Make sure you set your stop below the area of interest if you’re planning to go long!
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