GBP/JPY – 4H – BUYThe combination British Pound/Japanese Yen (GBP/JPY) jumps from the bullish trendline down.
A descending movement down to the next support level at 192.85100 will continue.
Caution: A possible trend reversal in the direction of resistance at 194.99000 could happen.
In case of a trade, appropriate stop-loss settings should be considered.
In addition a ‘Bullish Engulfing’ candle pattern is found. The candles form ‘Bullish Engulfing’. this 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 Engulfing’ going up is 63%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 198.43800 |
| 2nd High | 197.78100 |
| Next High | 194.99000 |
| Current Price | 194.80700 |
| Next Low | 192.85100 |
| 2nd Low | 190.59400 |
| 3rd Low | 188.07200 |
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Bullish Engulfing