GBP/JPY – 30M – BUYCorrection of the major bullish trend broke through the Fibonacci 0.24-Level.Continuation of the current descending trend is expected. Target of the current trend is 196.445 at the Fibonacci level 0.5-Level. Caution: A possible change in the direction of the support level at 198.19200 could happen.
Please make appropriate stop-loss settings in the case of a trade.
And also a ‘Matching Low’ chart pattern is found. The chart shows ‘Matching Low’. which is a bullish chart scenario. The currency pair is likely to rise. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Matching Low’ going up is 61% (Bull & Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 198.94600 |
| 2nd High | 198.25200 |
| Next High | 198.19200 |
| Current Price | 197.35900 |
| Next Low | 196.86600 |
| 2nd Low | 195.84100 |
| 3rd Low | 194.63800 |
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Matching Low