GBP/JPY – 1H – BUYThe combination British Pound/Japanese Yen (GBP/JPY) goes from the bullish trendline downwards
A bearish movement downwards to the next support line at 190.33800 is certain.
Caution: A possible reversal of the trend in the direction of resistance at 192.20900 should be noted.
Consider stop-loss settings accordingly.
Also there is a ‘Bullish Engulfing’ candle chart pattern is discovered. The candles show ‘Bullish Engulfing’. this is a bullish pattern signal. The currency pair is likely to rise. 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 | 192.46500 |
| 2nd High | 192.29800 |
| Next High | 192.20900 |
| Current Price | 190.98400 |
| Next Low | 190.33800 |
| 2nd Low | 188.07200 |
| 3rd Low |
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Bullish Engulfing