Retest of the "Mirror" Resistance Zone on GBP/JPY

Retest of the Mirror Resistance Zone on GBP/JPY

Sales prevail on the GBP/JPY currency pair. Quotes have updated local lows. At the moment, the trading instrument is consolidating near the "mirror" resistance zone of 136.60-136.75 (M15 timeframe). The current technical pattern signals a further decline in the GBP/JPY currency pair. The nearest support is the level of 136.15. We recommend paying attention to this situation.

If the price fixes below 136.15, a further drop in GBP/JPY quotes is expected. The nearest goal for profit-taking is 135.70. The movement is tending to 135.40-135.00. When following positions, we recommend using a trailing stop.

by Justforex 2020.10.15

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