GBP/JPY – 1H – BUYThe pair British Pound/Japanese Yen (GBP/JPY) goes from the bearish trendline downwards
A continuation of the bearish trend downwards to the next support line at 195.84100 will persist.
Caution: A possible trend reversal in the direction of the resistance zone at 198.25200 is within the realm of possibility.
Consider stop-loss settings accordingly.
Next a ‘Matching Low’ chart pattern is discovered. The candles show ‘Matching Low’. which is a positive signal. The currency pair is likely to rise. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Matching Low’ going up is 61% (Bull & Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 199.55300 |
| 2nd High | 198.94600 |
| Next High | 198.25200 |
| Current Price | 197.11100 |
| Next Low | 195.84100 |
| 2nd Low | 194.63800 |
| 3rd Low | 194.18900 |
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Matching Low