GBP/JPY – 4H – BUYThe combination British Pound/Japanese Yen (GBP/JPY) moves from the bullish trendline down.
A descending movement downwards to the next support at 192.85100 is likely expected.
Caution: A possible change in the direction of the resistance line at 197.78100 could occur.
In case of a trade, appropriate stop-loss settings should be considered.
Moreover a ‘Bullish Engulfing’ candlestick chart pattern is existing. The chart forms ‘Bullish Engulfing’. this is a bullish 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 Engulfing’ heading up is 63%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 199.55300 |
| 2nd High | 198.43800 |
| Next High | 197.78100 |
| Current Price | 195.08500 |
| Next Low | 192.85100 |
| 2nd Low | 190.59400 |
| 3rd Low | 188.07200 |
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Bullish Engulfing