GBP/JPY – 1H – BUYThe pair British Pound/Japanese Yen (GBP/JPY) jumps from the ascending trendline down.
A bearish movement down to the next support at 192.85100 is considered certain.
Caution: A possible counter-trend in the direction of resistance at 194.99000 could happen.
In the case of a trade, always set appropriate stop-loss settings.
Correction of the major bullish trend halted around the Fibonacci 0.5-Level.Continuation of the current ascending trend is considered certain. Current target is 194.389616 at the Fibonacci level 0.24-Level. Caution: A possible counter-trend in the direction of resistance at 194.99000 could happen.
In the case of a trade, always set appropriate stop-loss settings.
Also there is a ‘Morning Doji Star’ candlestick chart pattern is found. The candles show ‘Morning Doji Star’. this is a bullish signal. The pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Morning Doji Star’ heading up is 76% (Bull Market) & 71% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 198.43800 |
| 2nd High | 197.78100 |
| Next High | 194.99000 |
| Current Price | 194.12400 |
| Next Low | 192.85100 |
| 2nd Low | 192.51300 |
| 3rd Low | 192.44600 |
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Morning Doji Star