GBP/JPY – 30M – BUYThe combination British Pound/Japanese Yen (GBP/JPY) jumps from the descending trendline downwards
A continuation of the downtrend downwards to the next support level at 194.18900 is certain.
Caution: A possible change in the direction of the resistance zone at 196.01100 is within the realm of possibility.
Consider stop-loss settings accordingly.
Next a ‘Above the Stomach’ candle chart pattern is existing. The candles show ‘Above the Stomach’. this 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 probability of ‘Above the Stomach’ going up is 66% (Bull Market) & 67% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 198.19200 |
| 2nd High | 197.53900 |
| Next High | 196.01100 |
| Current Price | 194.36100 |
| Next Low | 194.18900 |
| 2nd Low | 194.05400 |
| 3rd Low | 193.82700 |
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Above the Stomach