GBP/JPY – 30M – BUYThe pair British Pound/Japanese Yen (GBP/JPY) jumps from the bullish trendline downwards
A bearish descent downwards to the next support level at 194.05400 is considered certain.
Caution: A possible trend reversal in the direction of the resistance zone at 198.94500 could happen.
In the case of a trade, always set appropriate stop-loss settings.
Correction of the major bullish trend broke the Fibonacci 0.5-Level.Continuation of the current descending trend is considered certain. Target of the current trend is 194.922252 at the Fibonacci level 0.79-Level. Caution: A possible trend reversal in the direction of the support line at 198.94500 could happen.
In the case of a trade, always set appropriate stop-loss settings.
And also a ‘Matching Low’ candlestick chart pattern is detected. The candles form ‘Matching Low’. which 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 probability of ‘Matching Low’ going up is 61% (Bull & Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 199.55300 |
| 2nd High | 199.37100 |
| Next High | 198.94500 |
| Current Price | 196.00900 |
| Next Low | 194.05400 |
| 2nd Low | 193.82700 |
| 3rd Low | 193.62500 |
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Matching Low