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 JustMarkets, 2017.10.12

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

Get Free Analytics

* required fields
Last Articles
All Articles
Natural Gas Pricing Factors
The balance between supply and demand primarily influences natural gas prices. When demand for natural gas increases and supply cannot keep up, prices tend to rise.
Read more