GBP/JPY – 1H – BUYThe currency pair British Pound/Japanese Yen (GBP/JPY) jumps from the descending trendline downwards
A continuation of the bearish trend down to the next support line at 192.92300 is likely expected.
Caution: A possible counter-trend in the direction of resistance at 194.99000 should always be considered.
Please make appropriate stop-loss settings in the case of a trade.
Additionally a ‘Above the Stomach’ candle chart pattern is found. The chart forms ‘Above the Stomach’. this is a bullish chart scenario. The currency pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Above the Stomach’ going up is 66% (Bull Market) & 67% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 198.43800 |
| 2nd High | 197.78100 |
| Next High | 194.99000 |
| Current Price | 193.38900 |
| Next Low | 192.92300 |
| 2nd Low | 192.51300 |
| 3rd Low | 192.44600 |
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Above the Stomach