GBP/JPY – 1H – BUYThe combination British Pound/Japanese Yen (GBP/JPY) goes from the ascending trendline downwards
A bearish descent down to the next support level at 188.19900 is considered certain.
Caution: A possible trend reversal in the direction of the resistance level at 189.95600 could occur.
Consider stop-loss settings accordingly.
Besides a ‘Tweezers Top’ candle chart pattern is existing. The chart shows ‘Tweezers Top’. which is a negative pattern signal. The currency pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Tweezers Top’ heading down is 56% (Bull Market) & 55% (Bear Market).
Besides a ‘Resistance Level’ indicator signal is existing. The indicator is ‘Resistance Level’. which could be a negative chart signal. The currency pair could go down.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 193.66300 |
| 2nd High | 190.08600 |
| Next High | 189.95600 |
| Current Price | 189.79500 |
| Next Low | 188.19900 |
| 2nd Low | 187.46000 |
| 3rd Low | 187.45700 |
189.95600 – 188.76800 – 188.84300 – 188.19900 – 187.46000 – 187.99600
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Tweezers Top