GBP/JPY – 30M – BUYThe currency pair British Pound/Japanese Yen (GBP/JPY) moves from the bullish trendline downwards
A bearish descent downwards to the next support level at 195.84100 is likely expected.
Caution: A possible change in the direction of resistance at 198.19200 should always be considered.
Please make appropriate stop-loss settings in the case of a trade.
There is also a ‘Matching Low’ candlestick chart pattern is discovered. The candles form ‘Matching Low’. this is a bullish chart scenario. The currency pair is likely to rise. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Matching Low’ heading up is 61% (Bull & Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 198.94600 |
| 2nd High | 198.25200 |
| Next High | 198.19200 |
| Current Price | 197.20000 |
| Next Low | 195.84100 |
| 2nd Low | 194.63800 |
| 3rd Low | 194.18900 |
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Matching Low