GBP/JPY – 30M – SELL

The currency pair British Pound/Japanese Yen (GBP/JPY) moves from the bearish trendline downwards

A continuation of the bearish trend downwards to the next support at 196.94200 is considered certain.

Caution: A possible change in the direction of the resistance level at 197.55000 should be noted.
Consider stop-loss settings accordingly.

Correction of the major bearish trend halted around the Fibonacci 0.5-Level.Continuation of the current descending trend is considered certain. Current target is 196.855392 at the Fibonacci level 0.24-Level. Caution: A possible change in the direction of the support zone at 197.55000 should be noted.
Consider stop-loss settings accordingly.

In addition a ‘Matching Low’ candlestick chart pattern is discovered. The candles form ‘Matching Low’. this is a bullish signal. The pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Matching Low’ heading up is 61% (Bull & Bear Market).

197.55000 – 197.74800 – 198.00400 – 196.94200 – 196.27200 – 197.18400

Trading Signals: FOREX – GBP – GBP/JPY – JPY – Matching Low – Double bottom retreat down