GBP/JPY – 30M – BUYThe pair British Pound/Japanese Yen (GBP/JPY) moves from the bullish trendline downwards
A descending movement down to the next support line at 194.05400 is certain.
Caution: A possible reversal of the trend in the direction of the resistance zone at 197.51500 should always be considered.
Consider stop-loss settings accordingly.
Besides a ‘Bearish Belt Hold’ candle chart pattern is detected. The candles form ‘Bearish Belt Hold’. which is a bearish signal. The currency pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Bearish Belt Hold’ heading down is 68% (Bull Market) & 69% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 199.37100 |
| 2nd High | 198.94600 |
| Next High | 197.51500 |
| Current Price | 194.81400 |
| Next Low | 194.05400 |
| 2nd Low | 193.82700 |
| 3rd Low | 193.62500 |
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Bearish Belt Hold