GBP/JPY – 1H – BUYThe combination British Pound/Japanese Yen (GBP/JPY) moves from the ascending trendline down.
A descending movement down to the next support level at 194.64900 will persist.
Caution: A possible reversal of the trend in the direction of the resistance level at 195.47000 should always be considered.
In the case of a trade, always set appropriate stop-loss settings.
Additionally a ‘Bullish Meeting Lines’ candle chart pattern is found. The candles show ‘Bullish Meeting Lines’. this is a bullish chart scenario. The currency pair is likely to rise. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Bullish Meeting Lines’ heading up is 56% (Bull Market) & 52% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 197.78100 |
| 2nd High | 195.89500 |
| Next High | 195.47000 |
| Current Price | 195.46200 |
| Next Low | 194.64900 |
| 2nd Low | 193.62500 |
| 3rd Low | 192.85100 |
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Bullish Meeting Lines