GBPJPY is facing bullish pressure and is holding above horizontal swing low support, in line with 161.8% Fibonacci retracement and 100% Fibonacci extension. We expect prices to increase to horizontal overlap resistance, in line with 161.8% Fibonacci extension. Alternatively, if prices break below horizontal swing low support, it may face support at Fibonacci confluence area, in line with 127.2% Fibonacci retracement and 161.8% Fibonacci extension. Moreover, stochastic is approaching support at 6.60, further supporting our bullish view.
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