GBP/JPY – 30M – BUYThe pair British Pound/Japanese Yen (GBP/JPY) jumps from the ascending trendline upwards
A continuation of the upward movement up to the next resistance line at 197.51500 will persist.
Caution: A possible trend reversal in the direction of the support line at 194.67600 is also possible.
In case of a trade, appropriate stop-loss settings should be considered.
Moreover a ‘Two-Candle Shooting Star’ chart pattern is existing. The candles form ‘Two-Candle Shooting Star’. which is a bearish chart scenario. The currency pair is likely to fall. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Two-Candle Shooting Star’ going down is 61% (Bull Market) & 58% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 199.37100 |
| 2nd High | 198.94600 |
| Next High | 197.51500 |
| Current Price | 194.97800 |
| Next Low | 194.67600 |
| 2nd Low | 194.18900 |
| 3rd Low | 194.05400 |
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Two-Candle Shooting Star