Currently, GBP/JPY is trading at 138.08. The pair may start a new down trend if it breaks the support level at 136.45. Previously, the pair was making higher high lower low pattern in the resistance and support wedges . If the pair starts a new down trend after breaking the support level , then its first target price will be at 134.22 and second target price will be at 132.16.

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Rishikesh Lilawat

Rishikesh Lilawat
Rishikesh Lilawat

Rishikesh Lilawat has over seven years of experience in trading Forex and commodities markets, out of which three years in two investment banks as a professional Forex and commodities trader. He holds an M.B.A degree in finance and business analytics from the University of Pune. Realizing the central role of a trader and because of his personal and particular interest in trading, He built skills in market research, technical analysis, fundamental analysis, risk management, and fund management, etc and focus his efforts on communicating and sharing views on market trends and patterns.