GBP/JPY – 1H – SELLFurthermore a ‘Rising Wedge Chart Pattern’ chart formation is detected. The chart picture forms ‘Rising Wedge Chart Pattern’. this is a bearish pattern signal. The pair is likely to go down.
The combination British Pound/Japanese Yen (GBP/JPY) jumps from the ascending trendline downwards
A bearish trend down to the next support level at 211.973 is expected.
Caution: A possible change in the direction of the resistance level at 213.29900 is also possible.
In the case of a trade, always set appropriate stop-loss settings.
Furthermore a ‘Shooting Star’ candle chart pattern is detected. The candles form ‘Shooting Star’. which is a bearish pattern signal. The currency pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Shooting Star’ heading down is 59% (Bull Market) & 60% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | |
| Next High | 213.29900 |
| Current Price | 212.62800 |
| Next Low | 211.973 |
| 2nd Low | 211.589 |
| 3rd Low | 209.176 |
213.29900 – 212.177 – 211.54 – 211.973 – 211.589 – 209.176 —
213.29900 – 212.77300 —
67.37857328459 – 47.801886324821 —
213.29900 – 1773266400 —
– 1773266400
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Shooting Star – Rising Wedge Chart Pattern – – – – – – – –