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.

Open Account

Get Free Analytics

* required fields
Last Articles
All Articles
Full Guide to Forex Trading in Nigeria
In Nigeria, Forex trading is skyrocketing because many people move to this market. It enables the Nigerian economy to develop. Therefore, many people ask whether it's easy to trade in Nigeria or not. So, let's consider all the particularities of Forex trading in Nigeria.
Read more
The Best Time to Trade USD/CAD
The US dollar and Canadian dollar form one of the most popular currency pairs. It represents a significant quota of daily trade. It's popular among both professionals and ultimate newbies.
Read more
Full Guide to Forex Trading in South Africa
Forex trading is a popular form of short-time investment and a source of additional or main income for many people all over the world. Forex trading is available in South Africa, but many potential traders just do not know how to make the first steps in this field. This full beginner’s guide explains the base of Forex and its key terms.
Read more