In the GBP/JPY currency pair, a correction has been observed after a significant rally since the beginning of the current year. The Price Action method signals a further drop in the GBP/JPY quotes. Near the "mirror" support level of 144.600, some classic Outside Bar patterns (H4 timeframe) have been formed, which indicate the bearish sentiment. We recommend paying attention to the current technical pattern.
If the price fixes below 144.600, it is necessary to consider selling GBP/JPY. The immediate goal for profit taking is a round level of 143.000. In the medium term, the trading instrument may reach the level of 142.000-141.000. Confirmations and entry points to the market should be looked for on lower timeframes. When tracking positions, we recommend using a trailing stop.
This article reflects a personal opinion and should not be interpreted as an investment advice, and/or offer, and/or a persistent request for carrying out financial transactions, and/or a guarantee, and/or a forecast of future events.Open Account