GBP/JPY – 30M – BUYThe pair British Pound/Japanese Yen (GBP/JPY) moves from the ascending trendline downwards
A bearish descent down to the next support line at 194.63800 is expected.
Caution: A possible reversal of the trend in the direction of the resistance level at 196.01100 could occur.
In case of a trade, appropriate stop-loss settings should be considered.
Moreover a ‘Concealing Baby Swallow’ candlestick chart pattern is found. The candles show ‘Concealing Baby Swallow’. which is a bearish chart scenario. The currency pair is likely to fall. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Concealing Baby Swallow’ heading down is 75% (Bull Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 198.19200 |
| 2nd High | 197.53900 |
| Next High | 196.01100 |
| Current Price | 194.78500 |
| Next Low | 194.63800 |
| 2nd Low | 194.18900 |
| 3rd Low | 194.05400 |
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Concealing Baby Swallow