GBP/JPY – 1H – BUYThe combination British Pound/Japanese Yen (GBP/JPY) goes from the ascending trendline downwards
A bearish descent down to the next support at 192.34300 will continue.
Caution: A possible trend reversal in the direction of the resistance level at 195.76700 could happen.
In case of a trade, appropriate stop-loss settings should be considered.
Besides a ‘Matching Low’ candle chart pattern is discovered. The chart forms ‘Matching Low’. which is a bullish chart scenario. The currency pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Matching Low’ heading up is 61% (Bull & Bear Market).
Besides a ‘Resistance Level’ indicator layout is found. The indicator shows ‘Resistance Level’. which is often a bearish signal. The pair is likely to go down.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | 195.96900 |
| Next High | 195.76700 |
| Current Price | 193.68800 |
| 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 – Matching Low