GBP/JPY – 30M – BUYThe currency pair British Pound/Japanese Yen (GBP/JPY) jumps from the bearish trendline down.
A continuation of the bearish trend down to the next support at 194.64900 is likely expected.
Caution: A possible counter-trend in the direction of the resistance line at 195.79200 should always be considered.
In the case of a trade, always set appropriate stop-loss settings.
Moreover a ‘Bullish Tri-Star’ candle pattern is discovered. The chart shows ‘Bullish Tri-Star’. which is a positive signal. The currency pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Bullish Tri-Star’ going up is 60% (Bull Market) & 55% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 196.41700 |
| 2nd High | 195.89500 |
| Next High | 195.79200 |
| Current Price | 195.23700 |
| Next Low | 194.64900 |
| 2nd Low | 193.82700 |
| 3rd Low | 193.62500 |
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Bullish Tri-Star