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Gbp/Jpy has just hit the 38.2% Fibonacci retracement level on the monthly chart from the move down that started in 2008
Because this is the first attempt to break this level I expect a large retracement down/bounce first
Let's look at the monthly chart:
Here you can see that the current price sits exactly on the resistance line of 38.2% Fibonacci Retracement
There is another interesting thing about this picture if we zoom in on current price:
This is a classic evening star candle pattern - a bea…
Because this is the first attempt to break this level I expect a large retracement down/bounce first
Let's look at the monthly chart:
Here you can see that the current price sits exactly on the resistance line of 38.2% Fibonacci Retracement
There is another interesting thing about this picture if we zoom in on current price:
This is a classic evening star candle pattern - a bea…