GBP/JPY – 30M – BUYThe currency pair British Pound/Japanese Yen (GBP/JPY) goes from the descending trendline down.
A continuation of the bearish trend downwards to the next support line at 194.05400 is likely expected.
Caution: A possible trend reversal in the direction of the resistance line at 198.94500 could be enabled.
Please make appropriate stop-loss settings in the case of a trade.
Moreover a ‘Bullish Harami’ chart pattern is existing. The candles show ‘Bullish Harami’. which is a positive pattern signal. The pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Bullish Harami’ heading up is 53% (Bull Market) & 51% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 199.55300 |
| 2nd High | 199.37100 |
| Next High | 198.94500 |
| Current Price | 197.27100 |
| Next Low | 194.05400 |
| 2nd Low | 193.82700 |
| 3rd Low | 193.62500 |
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Bullish Harami