GBP/JPY – 1H – BUYCorrection of the major bearish trend broke the Fibonacci 0.5-Level.Continuation of the current ascending trend is likely expected. Current target is 197.928002 at the Fibonacci level 0.79-Level. Caution: A possible reversal of the trend in the direction of resistance at 197.51500 should always be considered.
Consider stop-loss settings accordingly.
Additionally a ‘Two-Candle Shooting Star’ candlestick chart pattern is detected. The candles show ‘Two-Candle Shooting Star’. which is a negative pattern signal. The pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Two-Candle Shooting Star’ heading down is 61% (Bull Market) & 58% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 199.55300 |
| 2nd High | 198.94600 |
| Next High | 197.51500 |
| Current Price | 196.78300 |
| Next Low | 194.63800 |
| 2nd Low | 194.18900 |
| 3rd Low | 194.05400 |
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Two-Candle Shooting Star