A day before, we discussed a forex trading signal in GBPJPY Hit's Tp – Can It Target $148.250 now? Well, it's just a few pips away from $148.250. While I was monitoring the charts, I figured out another hot setup on GBPJPY. Check it out…

GBPJPY – 38.2% Fibonacci Retracement

The GBPJPY is consistently heading downward. Are you wondering where it's likely to stop now? Where can you take a buy entry or lay off your sell positions? Well, here is a signal for us.  

GBPJPY – Daily Chart – Fibonacci Retracement 

On the daily chart, we can see the double top pattern which was providing resistance to Guppy at $147.550 in the past. Since we know, the resistance once broken, works as a support. Hence, $147.550 is likely to extend a support to GBPJPY.

Coincidently, the pair also completes 38.2% Fibonacci retracement at the same level of $147.550. For all the Newbies out there, do check FX Leaders Fibonacci Trading strategy to enhance their skills.

GBPJPY – Trading Plan

The idea is to stay in Sell below $149 to target $148.250 and $147.750. I will be looking to take a buy entry above $147.550. Good luck and keep following for more exciting ideas and trading signals.