GBP/JPY – 30M – BUY

The currency pair British Pound/Japanese Yen (GBP/JPY) moves from the descending trendline down.

A continuation of the bearish trend downwards to the next support at 190.66000 is likely expected.

Caution: A possible reversal of the trend in the direction of the resistance level at 191.54900 should be noted.
In the case of a trade, always set appropriate stop-loss settings.

Correction of the major bullish trend halted around the Fibonacci 0.24-Level.Continuation of the current ascending trend is likely expected. Target of the current trend is 191.716 at the Fibonacci level 0-Level. Caution: A possible reversal of the trend in the direction of the resistance level at 191.54900 should be noted.
In the case of a trade, always set appropriate stop-loss settings.

In addition a ‘Inverted Hammer’ candlestick pattern is discovered. The candles show ‘Inverted Hammer’. 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 chance of ‘Inverted Hammer’ going up is 65% (Bull Market).

In addition a ‘Double top chart pattern’ chart pattern is discovered. The chart forms ‘Double top chart pattern’. which is a negative chart scenario. The currency pair is likely to go down.

191.54900 – 191.71600 – 191.23900 – 190.66000 – 189.31200 – 189.29800

Download GBP/JPY Signal Image

Trading Signals: FOREX – GBP – GBP/JPY – JPY – Inverted Hammer