GBP/JPY – 30M – BUYThe currency pair British Pound/Japanese Yen (GBP/JPY) moves from the ascending trendline down.
The bearish trend down to the next support line at 193.82700 is certain.
Caution: A possible trend reversal in the direction of the resistance line at 195.79200 should be noted.
Consider stop-loss settings accordingly.
Also there is a ‘Bullish Engulfing’ candle pattern is detected. The candles form ‘Bullish Engulfing’. which is a bullish signal. The currency pair is likely to rise. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Bullish Engulfing’ going up is 63%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 196.41700 |
| 2nd High | 195.89500 |
| Next High | 195.79200 |
| Current Price | 195.43600 |
| Next Low | 193.82700 |
| 2nd Low | 193.62500 |
| 3rd Low | 192.85100 |
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Bullish Engulfing