GBPJPY on a short term retracement to 140.000 area
Price found support on the weekly time frame giving us the opportunity to draw our fibonacci tools. Our anticipated retracement point is around the (140.000) area which is also our monthly support point.
We can see that in the lower time frame price is slowly making that transition. Our H4 resistance point (138.724) acts as our first barrier. Price will need to break this point in order to reach the (140.000) and make that 38.2% retracement or higher.
We can see that in the lower time frame price is slowly making that transition. Our H4 resistance point (138.724) acts as our first barrier. Price will need to break this point in order to reach the (140.000) and make that 38.2% retracement or higher.
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