GBP/JPY – 1H – BUYThe combination British Pound/Japanese Yen (GBP/JPY) jumps from the bearish trendline downwards
A continuation of the bearish trend down to the next support level at 193.62500 is certain.
Caution: A possible change in the direction of the resistance zone at 195.89500 is within the realm of possibility.
Please make appropriate stop-loss settings in the case of a trade.
Also there is a ‘Bullish Harami’ candle chart pattern is discovered. The candles form ‘Bullish Harami’. which 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 ‘Bullish Harami’ going up is 53% (Bull Market) & 51% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 198.43800 |
| 2nd High | 197.78100 |
| Next High | 195.89500 |
| Current Price | 195.10500 |
| Next Low | 193.62500 |
| 2nd Low | 192.85100 |
| 3rd Low | 192.51300 |
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Bullish Harami