GBP/JPY – 1H – SELLThe pair British Pound/Japanese Yen (GBP/JPY) jumps from the descending trendline down.
A continuation of the downtrend down to the next support at 195.35600 is likely expected.
Caution: A possible change in the direction of the resistance level at 198.09900 could be enabled.
Consider stop-loss settings accordingly.
Furthermore a ‘Northern Doji’ candlestick pattern is existing. The chart forms ‘Northern Doji’. which is a bullish chart scenario. The 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 | 198.80000 |
| 2nd High | 198.74400 |
| Next High | 198.09900 |
| Current Price | 197.23800 |
| Next Low | 195.35600 |
| 2nd Low | 194.01200 |
| 3rd Low | 193.75600 |
198.09900 – 197.54600 – 197.55000 – 195.35600 – 196.27200 – 197.21000
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Northern Doji –