The current technical pattern signals a possible correction of the GBP/JPY currency pair after a continuous fall. In a trading instrument, a classic pattern of Price Action, Bullish Engulfing, (H1 timeframe), which currently acts as a reversal formation, has been formed. The GBP/JPY quotes are testing a key resistance of 129.000. We recommend paying attention to this situation.
If the price fixes above 129.000, it is necessary to buy GBP/JPY. The closest target for profit taking is a round level of 130.000. In the medium term, the GBP/JPY currency pair may reach the level of 131.000-131.600. Confirmations and market entry points should be looked for on lower timeframes. When following 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