GBP/JPY – 30M – BUYThe currency pair British Pound/Japanese Yen (GBP/JPY) jumps from the ascending trendline down.
A descent down to the next support at 196.31000 will continue.
Caution: A possible counter-trend in the direction of resistance at 198.94500 could occur.
Please make appropriate stop-loss settings in the case of a trade.
Moreover a ‘Matching Low’ candle chart pattern is existing. The candles form ‘Matching Low’. this is a bullish signal. The currency pair is likely to rise. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Matching Low’ heading up is 61% (Bull & Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 199.55300 |
| 2nd High | 199.37100 |
| Next High | 198.94500 |
| Current Price | 196.81600 |
| Next Low | 196.31000 |
| 2nd Low | 195.74500 |
| 3rd Low | 194.05400 |
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Matching Low