GBP/JPY – 30M – BUYThe combination British Pound/Japanese Yen (GBP/JPY) goes from the bullish trendline up.
A continuation of the bullish trend upwards to the next resistance at 197.78100 is likely expected.
Caution: A possible reversal of the trend in the direction of the support zone at 193.56200 is also possible.
Consider stop-loss settings accordingly.
And also a ‘Bullish Engulfing’ candlestick chart pattern is existing. The chart shows ‘Bullish Engulfing’. this is a bullish chart scenario. The currency pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Bullish Engulfing’ going up is 63%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 198.45500 |
| 2nd High | 198.43800 |
| Next High | 197.78100 |
| Current Price | 196.78400 |
| Next Low | 193.56200 |
| 2nd Low | 192.87700 |
| 3rd Low | 191.73000 |
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Bullish Engulfing