The Price Action method signals a possible correction of the GBP/JPY currency pair after a prolonged fall. Close to the local support level of 140.250, the classic pattern of Outside Bar (H1 timeframe) has been formed, which currently acts as a reversal formation. At the moment, the GBP/JPY quotes are consolidating. The trading instrument is testing the local resistance at 140.850. We recommend you to pay attention to this situation.
If the price fixes above the level of 140.850, it is necessary to consider buying GBP/JPY. The closest target for fixing profits is the 141.750 mark. In the medium term, the GBP/JPY currency pair may reach 142.500-143.250. When following the positions, we recommend using a trailing stop.
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.