GBP/JPY – 1H – BUYThe pair British Pound/Japanese Yen (GBP/JPY) moves from the bullish trendline down.
A descending movement down to the next support level at 197.20500 is expected.
Caution: A possible change in the direction of the resistance line at 198.94500 is within the realm of possibility.
Please make appropriate stop-loss settings in the case of a trade.
Next a ‘Two-Candle Shooting Star’ candle chart pattern is detected. The chart shows ‘Two-Candle Shooting Star’. which is a negative signal. The currency pair is likely to fall. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Two-Candle Shooting Star’ heading down is 61% (Bull Market) & 58% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | 199.55300 |
| Next High | 198.94500 |
| Current Price | 198.51500 |
| Next Low | 197.20500 |
| 2nd Low | 196.59900 |
| 3rd Low | 196.43900 |
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Two-Candle Shooting Star