GBP/JPY – 4H – BUYThe pair British Pound/Japanese Yen (GBP/JPY) jumps from the bullish trendline up.
A continuation of the bullish trend upwards to the next resistance level at 198.94500 is certain.
Caution: A possible counter-trend in the direction of the support level at 194.05400 could occur.
Please make appropriate stop-loss settings in the case of a trade.
Furthermore a ‘Bullish Engulfing’ candle chart pattern is detected. The chart shows ‘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 chance of ‘Bullish Engulfing’ going up is 63%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | |
| Next High | 198.94500 |
| Current Price | 197.66900 |
| Next Low | 194.05400 |
| 2nd Low | 192.85100 |
| 3rd Low | 190.59400 |
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Bullish Engulfing