GBP/JPY – 4H – BUYThe pair British Pound/Japanese Yen (GBP/JPY) goes from the bearish trendline down.
A continuation of the downtrend downwards to the next support level at 194.18900 is considered certain.
Caution: A possible counter-trend in the direction of resistance at 198.25200 is within the realm of possibility.
Please make appropriate stop-loss settings in the case of a trade.
Furthermore a ‘Bullish Belt Hold’ candle chart pattern is existing. The chart forms ‘Bullish Belt Hold’. which is a positive pattern signal. The currency pair is likely to rise. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Bullish Belt Hold’ heading up is 71% (Bull Market) & 71% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | 198.94600 |
| Next High | 198.25200 |
| Current Price | 194.36100 |
| Next Low | 194.18900 |
| 2nd Low | 194.05400 |
| 3rd Low | 192.85100 |
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Bullish Belt Hold