GBP/JPY – 4H – BUYThe currency pair British Pound/Japanese Yen (GBP/JPY) moves from the bullish trendline downwards
A bearish descent down to the next support at 194.05400 is certain.
Caution: A possible reversal of the trend in the direction of the resistance line at 198.94500 is also possible.
In the case of a trade, always set appropriate stop-loss settings.
Moreover a ‘Three White Soldiers’ chart pattern is detected. The chart forms ‘Three White Soldiers’. which is a positive signal. The pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Three White Soldiers’ heading up is 82%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | |
| Next High | 198.94500 |
| Current Price | 197.01000 |
| Next Low | 194.05400 |
| 2nd Low | 192.85100 |
| 3rd Low | 190.59400 |
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Three White Soldiers