FX.co ★ GBP/JPY

I view the price increase on the GBPJPY currency pair as an ascending correction, after which it would make sense to consider new short positions. In this scenario, the nearest potential target of the downward movement is the support level at 209.59. If sellers manage to push below this level, we are likely to see a decline towards 208.59. I recommend considering short positions below the level of 210.46. Therefore, short positions will be relevant as long as the price trades below the 46-period Moving Average (MA). A pullback to this level will reduce the relevance of short positions. Remember to timely move profitable trades to breakeven to protect against force majeure situations and unwanted financial losses.