GBP/JPY – 4H – BUYThe pair British Pound/Japanese Yen (GBP/JPY) moves from the ascending trendline down.
A bearish trend down to the next support line at 194.05400 is likely expected.
Caution: A possible change in the direction of the resistance line at 198.94600 could happen.
Consider stop-loss settings accordingly.
Besides a ‘Three White Soldiers’ candle pattern is discovered. The candles form ‘Three White Soldiers’. which is a positive signal. The pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Three White Soldiers’ heading up is 82%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | |
| Next High | 198.94600 |
| Current Price | 195.86900 |
| Next Low | 194.05400 |
| 2nd Low | 192.85100 |
| 3rd Low | 190.59400 |
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Three White Soldiers