GBP/JPY – 4H – BUYThe combination British Pound/Japanese Yen (GBP/JPY) moves from the bullish trendline down.
A bearish descent down to the next support at 194.05400 will persist.
Caution: A possible reversal of the trend in the direction of resistance at 198.94500 is within the realm of possibility.
In the case of a trade, always set appropriate stop-loss settings.
Furthermore a ‘Bullish Engulfing’ candlestick chart pattern is found. The candles form ‘Bullish Engulfing’. which is a positive chart scenario. The currency pair is likely to rise. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability 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 | 196.94100 |
| Next Low | 194.05400 |
| 2nd Low | 192.85100 |
| 3rd Low | 190.59400 |
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Bullish Engulfing