GBP/JPY – 30M – BUYThe currency pair British Pound/Japanese Yen (GBP/JPY) jumps from the ascending trendline down.
A descent downwards to the next support line at 190.32600 is expected.
Caution: A possible reversal of the trend in the direction of the resistance level at 192.29800 is within the realm of possibility.
Consider stop-loss settings accordingly.
Additionally a ‘Bullish Engulfing’ candlestick chart pattern is detected. The chart forms ‘Bullish Engulfing’. 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 probability of ‘Bullish Engulfing’ going up is 63%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 192.61500 |
| 2nd High | 192.46500 |
| Next High | 192.29800 |
| Current Price | 190.42500 |
| Next Low | 190.32600 |
| 2nd Low | 189.84600 |
| 3rd Low | 189.56100 |
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Bullish Engulfing