GBP/JPY – 30M – BUYThe combination British Pound/Japanese Yen (GBP/JPY) jumps from the bearish trendline downwards
A continuation of the downward movement down to the next support at 186.35000 will continue.
Caution: A possible change in the direction of the resistance level at 187.92800 could occur.
Consider stop-loss settings accordingly.
Additionally a ‘Below The Stomach’ candlestick chart pattern is existing. The candles show ‘Below The Stomach’. this is a bearish signal. The currency pair is likely to fall. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Below The Stomach’ going down is 60% (Bull Market) & 65% (Bear Market).
Additionally a ‘Double top chart pattern’ chart pattern is detected. The chart forms ‘Double top chart pattern’. this is a bearish pattern signal. The currency pair is likely to go down.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 189.82100 |
| 2nd High | 189.42100 |
| Next High | 187.92800 |
| Current Price | 186.63300 |
| Next Low | 186.35000 |
| 2nd Low | 184.37000 |
| 3rd Low |
187.92800 – 189.42100 – 189.82100 – 186.35000 – 188.21400 – 184.37000
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Below The Stomach