GBP/JPY – 30M – BUYThe combination British Pound/Japanese Yen (GBP/JPY) moves from the bullish trendline downwards
A bearish descent downwards to the next support level at 195.78100 will continue.
Caution: A possible reversal of the trend in the direction of the resistance level at 198.94500 could be enabled.
In the case of a trade, always set appropriate stop-loss settings.
Besides a ‘Bullish Engulfing’ candle chart pattern is discovered. The candles form ‘Bullish Engulfing’. 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 success rate of a ‘Bullish Engulfing’ going up is 63%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 199.55300 |
| 2nd High | 199.37100 |
| Next High | 198.94500 |
| Current Price | 196.03500 |
| Next Low | 195.78100 |
| 2nd Low | 194.05400 |
| 3rd Low | 193.82700 |
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Bullish Engulfing