GBP/JPY: Will it reach the 76.4% Fibo?

Among the Fibonacci retracement levels, the ones that have the highest probability of acting as support or resistance are the 61.8% and the 76.4%. On the daily chart of the GBP/JPY we can see that the price has been retracing to the upside, but it has broken above the 61.8% Fibo. Today’s candle is showing some indecision and a possible trend exhaustion, but the pair may still try to reach the 76.4% Fibo from where it may try to bounce to the downside. But if the price breaks above the 76.4% Fibo, then it may go and visit its latest high around the 148.49 level. To the downside, in case the pair goes back down, its most important support zone is located between the 55 day EMA, purple line, and the 200 day EMA, blue line. The whole zone may act as support. Below that zone, the next support area is at the 139.00 level, around the 23.6% Fibo.