Inside Bar on GBP/JPY

Inside Bar on GBP/JPY

There are purchases on the GBP/JPY currency pair. The trading instrument has reached monthly highs. At the moment, GBP/JPY quotes are consolidating. The current technical pattern signals the continuation of the uptrend. Some classic patterns of Price Action, "Inside Bar", (H4 timeframe), have been formed in the trading instrument. The level of 137.75 is a local resistance. We recommend paying attention to this situation.

If the price fixes above 137.75, further growth in GBP/JPY quotes is expected. The nearest goal for profit-taking is 138.45. The movement is tending to the 139.20-140.15 zone. Confirmations and entry points to the market should be looked for on lower timeframes. When following positions, we recommend using a trailing stop.

by Justforex, 2020.10.22

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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