The current technical pattern signals a possible correction of the GBP/JPY currency pair after a prolonged rally. In a trading instrument, a classic reversal formation has been formed – the price and MACD histogram divergence (M30 timeframe). At the moment, the GBP/JPY currency pair is consolidating. The trading instrument is testing local support of 147.500. We recommend paying attention to this situation.
If the price fixes below 147.500, you need to look for entry points to the market to open short positions. The immediate goal for profit taking is a round level of 147.000. The movement is tending to 146.250-145.800. When following a position, 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.Open Account