GBP/JPY – 1H – BUYThe currency pair British Pound/Japanese Yen (GBP/JPY) jumps from the descending trendline down.
A continuation of the downward movement downwards to the next support line at 188.07200 is expected.
Caution: A possible change in the direction of the resistance zone at 191.52300 should always be considered.
In case of a trade, appropriate stop-loss settings should be considered.
Furthermore a ‘Three White Soldiers’ candle pattern is found. The chart shows ‘Three White Soldiers’. this is a bullish chart scenario. The pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Three White Soldiers’ going up is 82%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 192.46500 |
| 2nd High | 192.29800 |
| Next High | 191.52300 |
| Current Price | 191.26600 |
| Next Low | 188.07200 |
| 2nd Low | 186.68500 |
| 3rd Low | 185.81900 |
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Three White Soldiers