GBP/JPY – 30M – BUY

The pair British Pound/Japanese Yen (GBP/JPY) moves from the ascending trendline downwards

A bearish movement down to the next support level at 192.92300 will persist.

Caution: A possible reversal of the trend in the direction of the resistance zone at 193.85900 is within the realm of possibility.
In case of a trade, appropriate stop-loss settings should be considered.

Correction of the major bullish trend broke the Fibonacci 0.79-Level.Continuation of the current descending trend will persist. Current target is 192.513 at the Fibonacci level 1-Level. Caution: A possible reversal of the trend in the direction of the support level at 193.85900 is within the realm of possibility.
In case of a trade, appropriate stop-loss settings should be considered.

Then a ‘Matching Low’ candle chart pattern is discovered. The chart forms ‘Matching Low’. this is a bullish pattern signal. The pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Matching Low’ heading up is 61% (Bull & Bear Market).

Download GBP/JPY Signal Image

Trading Signals: FOREX – GBP – GBP/JPY – JPY – Matching Low