GBP/JPY: 1-hour
First up, here’s a simple trend play on GBP/JPY that looks prime for the taking. The pair is gearing up to test the falling trend line on its 1-hour forex time frame while stochastic is indicating overbought conditions. The resistance area might hold, as it lines up with the 50% Fibonacci retracement level and the 172.50 minor psychological handle. In that case, GBP/JPY could make its way back to its recent lows at the 168.00 major psychological level or perhaps make new lows. Make sure you review our lesson on How to Combine Fibs with Trend Lines if you’re thinking of taking this setup!
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