GBP/JPY – 30M – BUYThe currency pair British Pound/Japanese Yen (GBP/JPY) goes from the bullish trendline downwards
A bearish trend downwards to the next support line at 190.68200 is likely expected.
Caution: A possible change in the direction of the resistance level at 191.52300 is also possible.
Consider stop-loss settings accordingly.
In addition a ‘Bullish Engulfing’ candle pattern is detected. The chart shows ‘Bullish Engulfing’. which is a positive signal. The currency pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Bullish Engulfing’ heading up is 63%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 192.46500 |
| 2nd High | 192.29800 |
| Next High | 191.52300 |
| Current Price | 190.98500 |
| Next Low | 190.68200 |
| 2nd Low | 189.35000 |
| 3rd Low | 188.07200 |
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Bullish Engulfing