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
10 most stable forex pairs to trade in 2021
If you are interested in forex but have never tried trading before, sooner or later, you come across the question of what currency pair is safe to trade so that you don’t lose half of your deposit on your first position. And the answer is as simple as can be, the safest currency pairs are the most stable ones. Read on to learn which currency pairs are the best to start your trading journey.
Read more
Best Gold Trading Tips For Beginners
Gold is one of the most popular assets traded worldwide by investors, funds, and speculators who aim to profit from the price fluctuations or stand up against inflation. Unfortunately, many market participants fail to catch the wave and take full advantage of what the gold market can offer due to the lack of knowledge and experience. Are you planning to become the next gold trader? Learn how to trade gold in the most profitable way.
Read more
How to Become a Successful Forex Trader in Malaysia
With broad access to online brokerage services, everyone can become a trader these days. However, few people actually find success in FX. The reason might be that many of those who try trading skip some essential steps or simply do things wrong. Learn about the best ways to become a currency trader in Malaysia from this article.
Read more