GBP/JPY – 1H – BUYThe currency pair British Pound/Japanese Yen (GBP/JPY) jumps from the bullish trendline down.
A descending movement downwards to the next support line at 192.34300 is expected.
Caution: A possible counter-trend in the direction of the resistance line at 193.49300 should always be considered.
Consider stop-loss settings accordingly.
Next a ‘Northern Doji’ candle chart pattern is found. The chart shows ‘Northern Doji’. this is a bullish pattern signal. The pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Northern Doji’ going up is 52% (Bull Market) & 51% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 195.76700 |
| 2nd High | 193.74200 |
| Next High | 193.49300 |
| Current Price | 193.75400 |
| Next Low | 192.34300 |
| 2nd Low | 190.65700 |
| 3rd Low | 190.31400 |
193.49300 – 191.66300 – 192.62900 – 192.34300 – 190.65700 – 190.31400
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Northern Doji