GBP/JPY – 30M – BUYCorrection of the major bullish trend halted around the Fibonacci 0.7-Level.Continuation of the current ascending trend will persist. Target of the current trend is 194.7085 at the Fibonacci level 0.5-Level. Caution: A possible reversal of the trend in the direction of the resistance line at 195.68900 should be noted.
In the case of a trade, always set appropriate stop-loss settings.
Then a ‘Bullish Engulfing’ candlestick chart pattern is detected. The candles show ‘Bullish Engulfing’. which is a bullish pattern signal. The currency pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Bullish Engulfing’ going up is 63%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 195.79200 |
| 2nd High | 195.76500 |
| Next High | 195.68900 |
| Current Price | 194.80900 |
| Next Low | 194.69900 |
| 2nd Low | 194.64900 |
| 3rd Low | 193.82700 |
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Bullish Engulfing