GBP/JPY: Trade ideas for August 15
In the H1 chart, the GBPJPY is forming a bearish pattern above the support level of 170.65. Now it is likely that this pair starts to make a retracement to resistance level of 171.62, which coincides with the 50.0 Fibo level and the 200 EMA (green line).
In that area, the GBPJPY could make a pullback to continue the bearish trend in the medium term. However, if this pair makes a breakout in the support level of 170.41, it would be expected to fall to the level of 169.67, that would strengthen the current bearish trend. The CCI indicator is close to the 100 level.
Trading recommendations: Place sell orders only if the GBPJPY does a breakout at the support level of 170.41, with take profit at the level of 169.67.