GBP/JPY – 1H – BUYThe pair British Pound/Japanese Yen (GBP/JPY) goes from the descending trendline up.
A bullish ascent up to the next resistance level at 198.94600 will continue.
Caution: A possible change in the direction of the support level at 195.74500 is also possible.
Please make appropriate stop-loss settings in the case of a trade.
Next a ‘Two-Candle Shooting Star’ candlestick pattern is found. The chart forms ‘Two-Candle Shooting Star’. this is a bearish chart scenario. The pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Two-Candle Shooting Star’ going down is 61% (Bull Market) & 58% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | 199.55300 |
| Next High | 198.94600 |
| Current Price | 196.21000 |
| Next Low | 195.74500 |
| 2nd Low | 194.05400 |
| 3rd Low | 193.62500 |
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Two-Candle Shooting Star