GBP/JPY – 1H – BUYThe currency pair British Pound/Japanese Yen (GBP/JPY) jumps from the descending trendline down.
A continuation of the downtrend downwards to the next support at 190.33800 will continue.
Caution: A possible reversal of the trend in the direction of the resistance line at 192.20900 could occur.
Consider stop-loss settings accordingly.
Additionally a ‘Bullish Tri-Star’ candlestick chart pattern is detected. The candles show ‘Bullish Tri-Star’. which 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 success rate of a ‘Bullish Tri-Star’ going up is 60% (Bull Market) & 55% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 192.46500 |
| 2nd High | 192.29800 |
| Next High | 192.20900 |
| Current Price | 190.86000 |
| Next Low | 190.33800 |
| 2nd Low | 188.07200 |
| 3rd Low |
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Bullish Tri-Star