Flag on GBP/JPY

Flag on GBP/JPY

The GBP/JPY currency pair is consolidating after aggressive sales in mid-November. The technical pattern indicates a further drop in prices. The classic “Flag” figure has been formed in the trading instrument, which acts as a formation of the continuation of the current trend (H4 timeframe). The level of 144.600 acts as local support. We recommend paying attention to this situation.

If the price consolidates below 144.600, it is necessary to consider selling GBP/JPY. The target level of movement is the demand zone of 143.000-143.500. In the medium term, the GBP/JPY currency pair may reach the round level of 142.000. Confirmations and entry points to the market should be looke for on lower timeframes. When tracking a position, we recommend using a trailing stop.

by JustForex 2018.12.03

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.

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