GBP/JPY – 30M – BUYThe currency pair British Pound/Japanese Yen (GBP/JPY) moves from the bullish trendline down.
The bearish trend down to the next support level at 197.32500 is expected.
Caution: A possible counter-trend in the direction of the resistance level at 198.19200 should be noted.
In the case of a trade, always set appropriate stop-loss settings.
Furthermore a ‘Above the Stomach’ candle pattern is existing. The chart shows ‘Above the Stomach’. which is a positive pattern signal. The currency pair is likely to rise. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Above the Stomach’ going up is 66% (Bull Market) & 67% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 198.94600 |
| 2nd High | 198.25200 |
| Next High | 198.19200 |
| Current Price | 197.81600 |
| Next Low | 197.32500 |
| 2nd Low | 195.84100 |
| 3rd Low | 194.63800 |
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Above the Stomach