GBP/JPY – 4H – BUYThe combination British Pound/Japanese Yen (GBP/JPY) moves from the ascending trendline down.
A bearish movement down to the next support at 194.05400 will persist.
Caution: A possible change in the direction of the resistance zone at 198.94600 could happen.
Please make appropriate stop-loss settings in the case of a trade.
Besides a ‘Bullish Engulfing’ candlestick pattern is detected. The candles show ‘Bullish Engulfing’. which is a bullish pattern signal. The currency pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Bullish Engulfing’ going up is 63%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | |
| Next High | 198.94600 |
| Current Price | 195.08400 |
| Next Low | 194.05400 |
| 2nd Low | 192.85100 |
| 3rd Low | 190.59400 |
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Bullish Engulfing