GBP/JPY – 30M – BUYThe pair British Pound/Japanese Yen (GBP/JPY) jumps from the bullish trendline down.
A bearish descent down to the next support at will continue.
Caution: A possible trend reversal in the direction of the resistance level at 191.54900 should always be considered.
Consider stop-loss settings accordingly.
Furthermore a ‘Exponential Moving Average 50 (EMA 50)’ indicator layout is found. The indicator shows ‘Exponential Moving Average 50 (EMA 50)’. which could be a negative chart signal. The currency pair could go down.
Furthermore a ‘Southern Doji’ candle chart pattern is discovered. The candles show ‘Southern Doji’. 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 ‘Southern Doji’ going up is 51% (Bull Market) & 52% (Bear Market).
Furthermore a ‘Double top chart pattern’ chart layout is existing. The formation shows ‘Double top chart pattern’. which is a negative signal. The currency pair is likely to fall.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 191.75400 |
| 2nd High | 191.71600 |
| Next High | 191.54900 |
| Current Price | 190.97200 |
| Next Low | |
| 2nd Low | |
| 3rd Low |
191.54900 – 191.71600 – 191.23900 – 190.66000 – 189.31200 – 189.29800
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Southern Doji