GBP/JPY – 4H – BUYThe combination British Pound/Japanese Yen (GBP/JPY) goes from the ascending trendline up.
A continuation of the bullish trend up to the next resistance at 198.25200 is likely expected.
Caution: A possible trend reversal in the direction of the support level at 194.18900 should be noted.
Consider stop-loss settings accordingly.
In addition a ‘Bearish SBS White Lines’ candle pattern is detected. The chart shows ‘Bearish SBS White Lines’. which is a negative signal. The pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Bearish SBS White Lines’ heading down is 56% (Bull Market) & 57% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | 198.94600 |
| Next High | 198.25200 |
| Current Price | 195.77700 |
| Next Low | 194.18900 |
| 2nd Low | 194.05400 |
| 3rd Low | 192.85100 |
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Bearish SBS White Lines