GBP/JPY – 1H – BUYThe combination British Pound/Japanese Yen (GBP/JPY) jumps from the bullish trendline downwards
A descending movement downwards to the next support at 192.44600 is likely expected.
Caution: A possible counter-trend in the direction of the resistance line at 193.72400 should be noted.
In case of a trade, appropriate stop-loss settings should be considered.
Then a ‘Bullish Engulfing’ chart pattern is discovered. The chart shows ‘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 likelyhood of ‘Bullish Engulfing’ heading up is 63%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 194.80200 |
| 2nd High | 194.62100 |
| Next High | 193.72400 |
| Current Price | 193.72000 |
| Next Low | 192.44600 |
| 2nd Low | 190.59400 |
| 3rd Low | 190.33800 |
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Bullish Engulfing