GBP/JPY – 30M – BUYThe combination British Pound/Japanese Yen (GBP/JPY) goes from the ascending trendline downwards
A bearish trend down to the next support level at 190.91400 is likely expected.
Caution: A possible change in the direction of the resistance level at 191.68800 should be noted.
Consider stop-loss settings accordingly.
Additionally a ‘Bullish Engulfing’ chart pattern is detected. The chart forms ‘Bullish Engulfing’. this is a bullish pattern 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 | 192.29800 |
| 2nd High | 192.20900 |
| Next High | 191.68800 |
| Current Price | 190.96200 |
| Next Low | 190.91400 |
| 2nd Low | 190.33800 |
| 3rd Low | 189.35000 |
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Bullish Engulfing