GBP/JPY – 1H – BUYThe combination British Pound/Japanese Yen (GBP/JPY) moves from the ascending trendline downwards
A bearish movement downwards to the next support at 195.84100 will persist.
Caution: A possible trend reversal in the direction of the resistance level at 198.25200 could happen.
Consider stop-loss settings accordingly.
Also there is a ‘Bullish Engulfing’ chart pattern is discovered. The candles show ‘Bullish Engulfing’. this is a bullish pattern signal. The currency pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Bullish Engulfing’ heading up is 63%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 199.55300 |
| 2nd High | 198.94600 |
| Next High | 198.25200 |
| Current Price | 197.74400 |
| Next Low | 195.84100 |
| 2nd Low | 194.63800 |
| 3rd Low | 194.18900 |
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Bullish Engulfing