GBP/JPY – 30M – BUYThe combination British Pound/Japanese Yen (GBP/JPY) goes from the descending trendline down.
A continuation of the bearish trend down to the next support line at 188.07200 is likely expected.
Caution: A possible reversal of the trend in the direction of the resistance level at 190.37300 should be noted.
In case of a trade, appropriate stop-loss settings should be considered.
Next a ‘Bullish Engulfing’ candlestick chart pattern is found. The candles form ‘Bullish Engulfing’. which is a positive signal. The pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Bullish Engulfing’ going up is 63%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 192.29800 |
| 2nd High | 191.28000 |
| Next High | 190.37300 |
| Current Price | 189.75800 |
| Next Low | 188.07200 |
| 2nd Low | 186.68500 |
| 3rd Low | 185.81900 |
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Bullish Engulfing