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
Last Articles
All Articles
How to Interpret Inflation Data?
The Consumer Price Index, better known as CPI, is an important economic indicator regularly published by major economies to provide timely information on current inflation.
Read more
Setting the Clock Right: The Best Time To Trade Forex In India And Other Tips
In the forex market, many components come together for ensuring smooth operations and positive outcomes for a trader. Careful timing of trades is one of such components. In this article, we will explain how market timing is made, what time is best (and relatively worse) for trading, and how to choose the best time for forex trading in India.
Read more
The Matter of Trends: The Most Trending Forex Pairs
The forex market is lucrative for beginners and experienced traders alike because of high liquidity, various trading options, and earning potential that can be successfully realized with a properly chosen forex pair. Then the first question a trader should ask themselves is what pairs to trade and how to predict trends to make a profit off them. In this article, we will explore the trending potential of forex pairs, how to select the best pairs in forex, and uncover short-term and long-term trends.
Read more