GBP/JPY – 1H – BUYThe combination British Pound/Japanese Yen (GBP/JPY) jumps from the ascending trendline down.
The bearish trend downwards to the next support level at 194.64900 is considered certain.
Caution: A possible change in the direction of resistance at 195.89500 could occur.
In the case of a trade, always set appropriate stop-loss settings.
Furthermore a ‘Bullish Tri-Star’ candlestick pattern is detected. The candles show ‘Bullish Tri-Star’. this is a bullish chart scenario. The pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Bullish Tri-Star’ going up is 60% (Bull Market) & 55% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 198.43800 |
| 2nd High | 197.78100 |
| Next High | 195.89500 |
| Current Price | 195.22500 |
| Next Low | 194.64900 |
| 2nd Low | 193.62500 |
| 3rd Low | 192.85100 |
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Bullish Tri-Star