Bearish Engulfing on GBP/JPY

Pin Bar on EUR/USD

In the short term, the bearish sentiment may prevail on the GBP/JPY currency pair. At the moment, the classic pattern of Bearish Engulfing (D1 Timeframe) was formed near the key offer zone of 151.500-152.600. A round level of 148.000 is a local support. We recommend you to pay attention to this situation.

If the price fixes below 148.000, it is necessary to consider sales of GBP/JPY. The closest target for fixing the profit is the "mirror" support of 147.000. The movement is tending potentially to 145.000. When tracking the position, we recommend using a trailing stop. Confirmations and entry points to the market should be looked for on the lower timeframes.

by JustForex, 2017.11.13

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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