GBP/JPY – 30M – BUYThe pair British Pound/Japanese Yen (GBP/JPY) moves from the bullish trendline downwards
A bearish trend downwards to the next support level at 194.05400 is likely expected.
Caution: A possible change in the direction of resistance at 198.94500 is also possible.
Please make appropriate stop-loss settings in the case of a trade.
Correction of the major bullish trend halted around the Fibonacci 0.24-Level.Continuation of the current ascending trend is likely expected. Current target is 198.945 at the Fibonacci level 0-Level. Caution: A possible change in the direction of resistance at 198.94500 is also possible.
Please make appropriate stop-loss settings in the case of a trade.
And also a ‘Bullish Engulfing’ candle pattern is detected. The candles form ‘Bullish Engulfing’. this is a bullish signal. The pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Bullish Engulfing’ heading up is 63%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 199.55300 |
| 2nd High | 199.37100 |
| Next High | 198.94500 |
| Current Price | 198.03900 |
| Next Low | 194.05400 |
| 2nd Low | 193.82700 |
| 3rd Low | 193.62500 |
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Bullish Engulfing