Bearish Engulfing on GBP/JPY

Bearish Engulfing on GBP/JPY

Last two weeks there was a correction of GBP/JPY. The trading instrument has the potential to further reduce. At the moment, near the round level of 149.000, a classic pattern of the Price Action, Bearish Engulfing, (H4 timeframe) was formed. This formation indicates a bearish mood. Local support is the level of 147.500.

If the price fixes below 147.500, we recommend considering sales of GBP/JPY. The closest target for fixing profits is the level of 146.500. In the medium term, the GBP/JPY currency pair may reach 145.250. Confirmations and entry points to the market should be looked for on the lower timeframes. When tracking a position, we recommend using a trailing stop.

by JustForex, 2017.10.12

We recommend you to have a look at the actual figures of technical analysis.

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.