GBP/JPY – 1H – BUYCorrection of the major bullish trend broke the Fibonacci 0.24-Level.Continuation of the current descending trend is expected. Current target is 188.884 at the Fibonacci level 0.5-Level. Caution: A possible reversal of the trend in the direction of the support line at 190.30800 could happen.
In the case of a trade, always set appropriate stop-loss settings.
Besides a ‘Shooting Star’ candle pattern is detected. The chart shows ‘Shooting Star’. which is a bearish chart scenario. The currency pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Shooting Star’ going down is 59% (Bull Market) & 60% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 195.76700 |
| 2nd High | 193.66300 |
| Next High | 190.30800 |
| Current Price | 189.50900 |
| Next Low | 188.19900 |
| 2nd Low | 187.46000 |
| 3rd Low | 187.45700 |
190.30800 – 189.95600 – 188.76800 – 188.19900 – 187.46000 – 187.99600
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Shooting Star