GBP/JPY – 1H – BUYCorrection of the major bullish trend halted around the Fibonacci 0.24-Level.Continuation of the current ascending trend will continue. Current target is 198.945 at the Fibonacci level 0-Level. Caution: A possible counter-trend in the direction of the resistance line at 198.94500 is within the realm of possibility.
Consider stop-loss settings accordingly.
Additionally a ‘Shooting Star’ chart pattern is detected. The candles form ‘Shooting Star’. which is a bearish chart scenario. The pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Shooting Star’ heading down is 59% (Bull Market) & 60% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | 199.55300 |
| Next High | 198.94500 |
| Current Price | 197.79200 |
| Next Low | 196.59900 |
| 2nd Low | 196.43900 |
| 3rd Low | 195.74500 |
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Shooting Star