GBP/JPY – 1H – BUYThe combination British Pound/Japanese Yen (GBP/JPY) jumps from the ascending trendline down.
The bearish trend down to the next support line at 194.05400 will continue.
Caution: A possible reversal of the trend in the direction of the resistance level at 197.78100 is within the realm of possibility.
In the case of a trade, always set appropriate stop-loss settings.
Also there is a ‘Inverted Hammer’ candle pattern is detected. The candles show ‘Inverted Hammer’. which is a positive chart scenario. The currency pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Inverted Hammer’ heading up is 65% (Bull Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 198.45500 |
| 2nd High | 198.43800 |
| Next High | 197.78100 |
| Current Price | 197.71900 |
| Next Low | 194.05400 |
| 2nd Low | 193.62500 |
| 3rd Low | 192.85100 |
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Inverted Hammer