GBP/JPY – 30M – BUYThe pair British Pound/Japanese Yen (GBP/JPY) jumps from the ascending trendline down.
A bearish trend down to the next support line at 196.59900 is expected.
Caution: A possible counter-trend in the direction of the resistance level at 198.94500 is also possible.
Please make appropriate stop-loss settings in the case of a trade.
Correction of the major bearish trend halted around the Fibonacci 0.5-Level.Continuation of the current descending trend is expected. Target of the current trend is 196.5002 at the Fibonacci level 0.24-Level. Caution: A possible counter-trend in the direction of the support line at 198.94500 is also possible.
Please make appropriate stop-loss settings in the case of a trade.
There is also a ‘Matching Low’ chart pattern is found. The chart forms ‘Matching Low’. 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 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 | 197.16600 |
| Next Low | 196.59900 |
| 2nd Low | 196.43900 |
| 3rd Low | 196.31000 |
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Matching Low