GBP/JPY – 30M – BUYThe combination British Pound/Japanese Yen (GBP/JPY) moves from the bullish trendline downwards
A bearish descent downwards to the next support at 196.78300 is certain.
Caution: A possible trend reversal in the direction of resistance at 197.55600 could happen.
Consider stop-loss settings accordingly.
In addition a ‘Bullish Harami’ candlestick pattern is detected. The chart shows ‘Bullish Harami’. which is a positive pattern signal. The pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Bullish Harami’ going up is 53% (Bull Market) & 51% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 198.94500 |
| 2nd High | 197.62000 |
| Next High | 197.55600 |
| Current Price | 197.37600 |
| Next Low | 196.78300 |
| 2nd Low | 196.59900 |
| 3rd Low | 196.43900 |
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Bullish Harami