GBP/JPY Technical Analysis: From One Trend to Another

gbpjpytoday

 

On the 4-hour chart below, we can see near-term support off of the 186-region. Traders can look to place stops below the 38.2% Fibonacci retracement of this most recent move around 185.50, with top-side targets at 186.38 (the 61.8% retracement of that same move), 186.87 (the 76.4% retracement), and then 187.50 (major psychological level, and near the previous-high).

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