GBP/JPY – 30M – BUYThe pair British Pound/Japanese Yen (GBP/JPY) jumps from the ascending trendline down.
A bearish trend down to the next support at 195.73200 is likely expected.
Caution: A possible change in the direction of the resistance line at 198.94600 could happen.
In the case of a trade, always set appropriate stop-loss settings.
Besides a ‘Matching Low’ candle pattern is discovered. The candles form ‘Matching Low’. which is a positive signal. The currency pair is likely to rise. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Matching Low’ heading up is 61% (Bull & Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 199.55300 |
| 2nd High | 199.37100 |
| Next High | 198.94600 |
| Current Price | 196.98400 |
| Next Low | 195.73200 |
| 2nd Low | 194.05400 |
| 3rd Low | 193.82700 |
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Matching Low