GBP/JPY – 1H – BUYThe pair British Pound/Japanese Yen (GBP/JPY) jumps from the bullish trendline down.
A bearish trend down to the next support level at 195.74500 will continue.
Caution: A possible reversal of the trend in the direction of the resistance level at 198.94500 should be noted.
Consider stop-loss settings accordingly.
Moreover a ‘Bullish Engulfing’ candlestick chart pattern is found. The candles show ‘Bullish Engulfing’. 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 ‘Bullish Engulfing’ heading up is 63%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 199.70900 |
| 2nd High | 199.55300 |
| Next High | 198.94500 |
| Current Price | 196.88500 |
| Next Low | 195.74500 |
| 2nd Low | 194.05400 |
| 3rd Low | 193.62500 |
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Bullish Engulfing