GBP/JPY – 30M – BUYThe currency pair British Pound/Japanese Yen (GBP/JPY) goes from the descending trendline down.
A continuation of the downward movement downwards to the next support level at 193.62500 will persist.
Caution: A possible counter-trend in the direction of the resistance zone at 194.45500 is also possible.
In the case of a trade, always set appropriate stop-loss settings.
In addition a ‘Matching Low’ candlestick pattern is found. The chart forms ‘Matching Low’. which is a positive chart scenario. The currency pair is likely to rise. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Matching Low’ heading up is 61% (Bull & Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 196.41700 |
| 2nd High | 194.99000 |
| Next High | 194.45500 |
| Current Price | 194.29900 |
| Next Low | 193.62500 |
| 2nd Low | 192.85100 |
| 3rd Low | 192.51300 |
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Matching Low