Outside Bar on GBP/JPY

Outside Bar on GBP/JPY

Today, the GBP/JPY currency pair has kept the key demand zone of 147.000-147.250, which has triggered the bullish sentiment. The current technical pattern indicates the further growth of quotations. At the moment, a classic pattern of Price Action, Outside Bar, (M30 timeframe) has been formed, which is a continuation form of the current trend. The 147.900 mark is a local resistance. We recommend you to pay attention to this situation.

If the price fixes above the resistance level of 147.900, you need to look for entry points to the market to open long positions. The closest target for profit taking is the 148.350 mark. In the medium term, the trading instrument may reach 148.850-149.350. When following the positions, we recommend using a trailing stop.

by JustForex, 2018.03.19

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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