GBP/JPY – 4H – SELLFurthermore a ‘Double bottom retreat down’ chart layout is found. The chart picture shows ‘Double bottom retreat down’. this is a bearish chart scenario. The currency pair is likely to fall.
The pair British Pound/Japanese Yen (GBP/JPY) moves from the descending trendline down.
A continuation of the downward movement downwards to the next support at 210.251 will persist.
Caution: A possible trend reversal in the direction of the resistance zone at 211.501 is within the realm of possibility.
Please make appropriate stop-loss settings in the case of a trade.
Furthermore a ‘Northern Doji’ candle chart pattern is detected. The chart forms ‘Northern Doji’. which is a positive pattern 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’ heading up is 52% (Bull Market) & 51% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | 211.587 |
| Next High | 211.501 |
| Current Price | 211.44500 |
| Next Low | 210.251 |
| 2nd Low | 210.038 |
| 3rd Low | 206.761 |
211.501 – 211.587 – 208.94 – 210.251 – 210.038 – 206.761 —
211.12300 – 211.77000 —
50.893976137068 – 55.956375311495 —
– —
211.50100 – 1766764800
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Northern Doji – Double bottom retreat down – – – – – – – –