GBP/JPY completed a weekly 38.2% Fib Retracement.
GBP/JPY looks richer according to the analysis which illustrates the market’s structure in the hourly, daily and weekly charts.
The weekly chart shows that the cross has formed an M formation and that the peace has reached its neckline. This is also in line with the 38.2% Fibonacci level of retracement in the highs, which could strengthen the area as resistance and possibly lead to a selloff in the next days.
