The current technical pattern signals a possible correction of the GBP/JPY currency pair after a continuous fall. In a trading instrument, a classic reversal formation has been formed – the price and MACD histogram divergence (H4 timeframe). At the moment, the GBP/JPY currency pair is consolidating near the “mirror” resistance level of 135.350. We recommend paying attention to this situation.
If the price fixes above the mark of 135.350, it is necessary to buy GBP/JPY. The closest target for profit taking is 136.650-137.500. The movement is tending to the round level of 139.000. 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