Currently, GBP/JPY is trading at 133.01. The pair is consolidating in the resistance and support ascending triangle wedges. Previously, the pair was trading in a down trend and after touching support level it started consolidating in the resistance and support levels. If the price breaks the resistance level at 133.55, then it may start a new up trend and its target price will be at 135.59. If the price breaks the support level at 132.84, then it may start a new down trend and its target price will be at 131.85.
Follow a proper risk management strategy to avoid unnecessary losses and to increase profitability, don't risk more than 2% of your capital on each trade.
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Rishikesh Lilawat
Follow a proper risk management strategy to avoid unnecessary losses and to increase profitability, don't risk more than 2% of your capital on each trade.
Do follow us for future Forex trend analysis and Ideas.
Thank you,
Rishikesh Lilawat