GBP/JPY – 1H – SELLNext a ‘Double top retreat up’ chart pattern is detected. The formation shows ‘Double top retreat up’. which is a positive pattern signal. The currency pair is likely to rise.
The pair British Pound/Japanese Yen (GBP/JPY) moves from the bearish trendline downwards
A continuation of the downtrend downwards to the next support line at 194.97500 will continue.
Caution: A possible change in the direction of the resistance zone at 196.84100 is within the realm of possibility.
Please make appropriate stop-loss settings in the case of a trade.
Next a ‘Collapsing Doji Star’ candlestick chart pattern is discovered. The candles form ‘Collapsing Doji Star’. which is a bearish signal. The pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Collapsing Doji Star’ heading down is 63% (Bull Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | |
| Next High | 196.84100 |
| Current Price | 195.01700 |
| Next Low | 194.97500 |
| 2nd Low | 193.75600 |
| 3rd Low | 193.25500 |
196.84100 – 196.23600 – 195.91800 – 194.97500 – 193.75600 – 194.70800
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Collapsing Doji Star