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- GBP/JPY Price Analysis: 61.8% golden ratio eyed
GBP/JPY Price Analysis: 61.8% golden ratio eyed
- GBP/JPY bears lining up for a break of daily support.
- Bulls are looking for a break of near term resistance to open the 61.8% golden ratio target.
The bulls are accumulating the price from a daily basis between 149 and 151 in a relatively wide range with no directional bias at this juncture.
GBP/JPY daily chart
The daily support has held up time and time again and that leaves the upside exposed on a break of the 151.20s as per the order block eclipsed in the chart. A move towards the 61.8% golden ratio aligns particularly with the old support near 152.50.
A break of the daily support, however, opens the risk of a considerable move to the downside. 140/142.50 would be earmarked targets for the bears positioning for the downside in such a scenario, as per the following weekly chart:
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