GBP/JPY – 30M – BUYThe currency pair British Pound/Japanese Yen (GBP/JPY) goes from the ascending trendline down.
The bearish trend down to the next support at 193.62600 is certain.
Caution: A possible reversal of the trend in the direction of resistance at 194.20900 is also possible.
In the case of a trade, always set appropriate stop-loss settings.
And also a ‘Southern Doji’ chart pattern is detected. The candles show ‘Southern Doji’. which is a bullish chart scenario. The pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Southern Doji’ going up is 51% (Bull Market) & 52% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 195.96900 |
| 2nd High | 195.76700 |
| Next High | 194.20900 |
| Current Price | 195.00300 |
| Next Low | 193.62600 |
| 2nd Low | 192.34300 |
| 3rd Low | 190.65700 |
194.20900 – 193.49300 – 191.66300 – 193.62600 – 192.34300 – 190.65700
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Southern Doji