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HomeContributorsTechnical AnalysisGBP/JPY Further Drop In The Cards

GBP/JPY Further Drop In The Cards

MultiBank Exchange Group
By MultiBank Exchange Group

The GBP/JPY is trading in the red on the short term, could drop further after the false breakout above the 151.66 horizontal resistance. You can see that has come back to retest the mentioned resistance and now goes down. The first downside target will be at the 150% Fibonacci line, a breakdown below it will open the door for more declines.

MultiBank Exchange Group
MultiBank Exchange Grouphttp://www.mexgroup.com
Multibank Exchange Group (MEX Group) is a multinational financial derivatives dealer. Established in California in 2005, MEX has offices in several countries around the world, including the US, the UK, Australia and China. Mex Group is regulated by the Australian Securities and Investment Commission (ASIC) in Australia, the Ras al Khaimah Free Trade Zone (RAK) in the United Arab Emirates and the Financial Services Commission (FSC) in the British Virgin Islands.

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