GBP/JPY – 1H – BUYThe currency pair British Pound/Japanese Yen (GBP/JPY) moves from the ascending trendline downwards
The bearish trend down to the next support line at 188.46600 is likely expected.
Caution: A possible trend reversal in the direction of resistance at 191.28000 should always be considered.
Please make appropriate stop-loss settings in the case of a trade.
And also a ‘Bullish Engulfing’ candlestick chart pattern is existing. The candles show ‘Bullish Engulfing’. which is a bullish chart scenario. The pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Bullish Engulfing’ heading up is 63%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 192.46500 |
| 2nd High | 192.29800 |
| Next High | 191.28000 |
| Current Price | 189.80400 |
| Next Low | 188.46600 |
| 2nd Low | 186.68500 |
| 3rd Low | 185.81900 |
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Bullish Engulfing