GBP/JPY – 1H – BUYThe combination British Pound/Japanese Yen (GBP/JPY) goes from the bearish trendline down.
A continuation of the downward movement down to the next support level at will continue.
Caution: A possible counter-trend in the direction of the resistance zone at 189.06800 could happen.
In the case of a trade, always set appropriate stop-loss settings.
Moreover a ‘Exponential Moving Average 100 (EMA 100)’ indicator layout is found. The indicator is ‘Exponential Moving Average 100 (EMA 100)’. which is often a bearish signal. The pair is likely to go down.
Moreover a ‘Northern Doji’ candlestick chart pattern is discovered. The candles form ‘Northern Doji’. which is a bullish pattern signal. The currency pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Northern Doji’ heading up is 52% (Bull Market) & 51% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 189.34800 |
| 2nd High | 189.14500 |
| Next High | 189.06800 |
| Current Price | 188.48400 |
| Next Low | |
| 2nd Low | |
| 3rd Low |
189.06800 – 189.14500 – 189.34800 – 188.06700 – 187.45700 – 186.57400
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Northern Doji