GBP/JPY – 30M – BUYThe currency pair British Pound/Japanese Yen (GBP/JPY) goes from the descending trendline upwards
An ascent up to the next resistance at 197.71300 is certain.
Caution: A possible counter-trend in the direction of the support zone at 196.85200 could happen.
Consider stop-loss settings accordingly.
There is also a ‘Bullish Engulfing’ candlestick pattern is discovered. The candles show ‘Bullish Engulfing’. this is a bullish 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 | 198.05200 |
| 2nd High | 197.82200 |
| Next High | 197.71300 |
| Current Price | 196.93700 |
| Next Low | 196.85200 |
| 2nd Low | 196.73500 |
| 3rd Low | 196.48700 |