GBP/JPY – 30M – BUYThe currency pair British Pound/Japanese Yen (GBP/JPY) breaks through the descending trendline up.
The bullish trend upwards to the next resistance line at 197.06600 is expected.
Caution: A possible trend reversal in the direction of the support level at 196.31000 could happen.
In case of a trade, appropriate stop-loss settings should be considered.
Also there is a ‘Bullish Engulfing’ candlestick chart pattern is discovered. The chart shows ‘Bullish Engulfing’. which is a bullish chart scenario. The pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Bullish Engulfing’ going up is 63%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 199.37100 |
| 2nd High | 198.94500 |
| Next High | 197.06600 |
| Current Price | 196.95500 |
| Next Low | 196.31000 |
| 2nd Low | 195.74500 |
| 3rd Low | 194.05400 |
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Bullish Engulfing