GBP/JPY – 1H – BUYThe pair British Pound/Japanese Yen (GBP/JPY) jumps from the descending trendline downwards
A continuation of the downtrend down to the next support at 193.47200 is considered certain.
Caution: A possible change in the direction of the resistance line at 197.53900 should be noted.
In case of a trade, appropriate stop-loss settings should be considered.
Next a ‘Bullish Engulfing’ candle pattern is detected. The chart shows ‘Bullish Engulfing’. which is a bullish signal. The pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Bullish Engulfing’ going up is 63%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 198.94600 |
| 2nd High | 198.25200 |
| Next High | 197.53900 |
| Current Price | 194.28900 |
| Next Low | 193.47200 |
| 2nd Low | 192.85100 |
| 3rd Low | 192.51300 |
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Bullish Engulfing