Outside Bar on GBP/JPY

Outside Bar on GBP/JPY

On Friday, September 21, the GBP/JPY currency pair held the key resistance at 149.250, which triggered aggressive sales. The trading instrument has updated local minima. The Price Action method signals a further correction of the GBP/JPY currency pair. At the moment, the classic pattern of Outside Bar (D1 timeframe), which acts as a reversal formation, has been formed. GBP/JPY is consolidating near the round level of 147,000. We recommend you to pay attention to this situation.

If the price fixes below 147.000, it is necessary to consider sales of GBP/JPY. The immediate goal for profit taking is the "mirror" support of 145.500. The target movement level is 50.0%-61.8% (144.850-143.750) correctional zone. Confirmations and entry points to the market should be looked for on lower timeframes. When following the positions, we recommend using a trailing stop.

by JustForex, 2018.09.24

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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