GBP/JPY – 30M – BUYThe currency pair British Pound/Japanese Yen (GBP/JPY) moves from the bullish trendline down.
The bearish trend down to the next support level at 190.85000 is certain.
Caution: A possible counter-trend in the direction of the resistance level at 191.34200 is also possible.
Consider stop-loss settings accordingly.
Besides a ‘Bullish Engulfing’ chart pattern is existing. The candles form ‘Bullish Engulfing’. which is a positive pattern signal. The pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Bullish Engulfing’ heading up is 63%.
Besides a ‘Double top chart pattern’ chart formation is found. The formation shows ‘Double top chart pattern’. which is a negative signal. The pair is likely to go down.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 192.62900 |
| 2nd High | 191.81700 |
| Next High | 191.34200 |
| Current Price | 191.18900 |
| Next Low | 190.85000 |
| 2nd Low | 190.33200 |
| 3rd Low | 189.97500 |
191.34200 – 191.81700 – 192.62900 – 190.85000 – 191.54700 – 191.46900
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Bullish Engulfing