GBP/JPY – 30M – BUYThe combination British Pound/Japanese Yen (GBP/JPY) jumps from the bullish trendline downwards
A bearish movement downwards to the next support level at 197.01500 is certain.
Caution: A possible counter-trend in the direction of the resistance zone at 197.99900 could occur.
In the case of a trade, always set appropriate stop-loss settings.
Also there is a ‘Bullish Engulfing’ candlestick chart pattern is discovered. The chart forms ‘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 | 197.99900 |
| Current Price | 197.32000 |
| Next Low | 197.01500 |
| 2nd Low | 196.78300 |
| 3rd Low | 196.59900 |
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Bullish Engulfing