GBP/JPY – 30M – BUYThe currency pair British Pound/Japanese Yen (GBP/JPY) moves from the descending trendline down.
A continuation of the downtrend down to the next support level at 190.62100 is certain.
Caution: A possible trend reversal in the direction of the resistance line at 190.97100 is also possible.
Consider stop-loss settings accordingly.
There is also a ‘Northern Doji’ candle chart pattern is existing. The candles show ‘Northern Doji’. this is a bullish signal. The currency pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Northern Doji’ going up is 52% (Bull Market) & 51% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 191.54900 |
| 2nd High | 191.33900 |
| Next High | 190.97100 |
| Current Price | 191.11800 |
| Next Low | 190.62100 |
| 2nd Low | 190.39200 |
| 3rd Low | 189.31200 |
190.97100 – 191.33900 – 191.18100 – 190.62100 – 190.39200 – 190.52500
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Northern Doji