GBP/JPY – 1H – BUYThe pair British Pound/Japanese Yen (GBP/JPY) jumps from the bullish trendline downwards
A bearish trend down to the next support line at 196.31600 will persist.
Caution: A possible trend reversal in the direction of resistance at 198.94600 should always be considered.
Consider stop-loss settings accordingly.
There is also a ‘Shooting Star’ candlestick chart pattern is discovered. The chart shows ‘Shooting Star’. which is a bearish signal. The currency pair is likely to fall. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Shooting Star’ heading down is 59% (Bull Market) & 60% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | 199.55300 |
| Next High | 198.94600 |
| Current Price | 196.59000 |
| Next Low | 196.31600 |
| 2nd Low | 195.74500 |
| 3rd Low | 194.05400 |
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Shooting Star