GBP/JPY – 4H – BUYThe pair British Pound/Japanese Yen (GBP/JPY) jumps from the ascending trendline down.
A descent down to the next support level at 194.05400 is certain.
Caution: A possible counter-trend in the direction of resistance at 198.94500 is within the realm of possibility.
Consider stop-loss settings accordingly.
In addition a ‘Bullish Engulfing’ candlestick pattern is detected. The candles form ‘Bullish Engulfing’. this is a bullish chart scenario. The pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Bullish Engulfing’ heading up is 63%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 199.70900 |
| 2nd High | 199.55300 |
| Next High | 198.94500 |
| Current Price | 196.90700 |
| Next Low | 194.05400 |
| 2nd Low | 192.85100 |
| 3rd Low | 190.59400 |
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Bullish Engulfing