Bullish Engulfing on GBP/JPY

Bullish Engulfing on GBP/JPY

The current technical pattern signals a possible correction of the GBP/JPY currency pair after a continuous fall. In a trading instrument, a classic pattern of Price Action, Bullish Engulfing, (H1 timeframe), which currently acts as a reversal formation, has been formed. The GBP/JPY quotes are testing a key resistance of 129.000. We recommend paying attention to this situation.

If the price fixes above 129.000, it is necessary to buy GBP/JPY. The closest target for profit taking is a round level of 130.000. In the medium term, the GBP/JPY currency pair may reach the level of 131.000-131.600. Confirmations and market entry points should be looked for on lower timeframes. When following positions, we recommend using a trailing stop.

by JustForex, 2019.08.15

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
Stop and Limit Orders in Forex
There are many gainful opportunities for traders in the forex market, but no one is immune to losses. That’s the reason why traders should employ an efficient trading strategy where both stop and limit orders go hand in hand with other essential aspects of the strategy.
Read more
Top 10 Successful Forex Traders in Indonesia
Due to the growing popularity of forex trading, it’s impossible to stay on the sidelines. What does it take to become one of those confident traders? Is forex trading for you? Find out more about the nature of this industry and have a look at the list of top Indonesian forex traders in 2021.
Read more
Guide to Forex Trading in Indonesia
What is forex trading? It’s freedom – due to the round-the-clock market operation in different parts of the world, hundreds of thousands of traders choose what’s best for them: time frame, asset, strategy, objectives, amount of a deposit, etc. There might be a lot of questions in the beginning of your trading journey, and this article aims to emphasize the essential aspects of this profession.
Read more