GBP/JPY – 1H – BUYThe pair British Pound/Japanese Yen (GBP/JPY) moves from the bearish trendline down.
A continuation of the downward movement downwards to the next support level at 191.48400 is certain.
Caution: A possible reversal of the trend in the direction of the resistance line at 192.90700 is also possible.
In the case of a trade, always set appropriate stop-loss settings.
Moreover a ‘Southern Doji’ chart pattern is detected. The candles show ‘Southern Doji’. this is a bullish chart scenario. The pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Southern Doji’ going up is 51% (Bull Market) & 52% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 197.53900 |
| 2nd High | 194.76600 |
| Next High | 192.90700 |
| Current Price | 191.91400 |
| Next Low | 191.48400 |
| 2nd Low | 190.07100 |
| 3rd Low | 188.07200 |
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Southern Doji