Bullish Engulfing on GBP/JPY

Bullish Engulfing on GBP/JPY

The current technical pattern signals a possible correction of the GBP/JPY currency pair after a continuous fall. In a trading instrument, a classic pattern of Price Action, Bullish Engulfing, (H1 timeframe), which currently acts as a reversal formation, has been formed. The GBP/JPY quotes are testing a key resistance of 129.000. We recommend paying attention to this situation.

If the price fixes above 129.000, it is necessary to buy GBP/JPY. The closest target for profit taking is a round level of 130.000. In the medium term, the GBP/JPY currency pair may reach the level of 131.000-131.600. Confirmations and market entry points should be looked for on lower timeframes. When following positions, we recommend using a trailing stop.

by JustForex, 2019.08.15

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.

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