GBP/JPY – 30M – BUYAlso there is a ‘Double bottom retreat down’ chart formation is discovered. The formation shows ‘Double bottom retreat down’. this is a bearish chart scenario. The currency pair is likely to go down.
The currency pair British Pound/Japanese Yen (GBP/JPY) breaks through the bullish trendline up.
A continuation of the uptrend up to the next resistance at 196.32600 is expected.
Caution: A possible reversal of the trend in the direction of support at 195.69200 is also possible.
Please make appropriate stop-loss settings in the case of a trade.
Also there is a ‘Northern Doji’ candlestick chart pattern is detected. The chart shows ‘Northern Doji’. which 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 | |
| 2nd High | 196.84100 |
| Next High | 196.32600 |
| Current Price | 196.57400 |
| Next Low | 195.69200 |
| 2nd Low | 194.01200 |
| 3rd Low | 193.75600 |
196.32600 – 196.03400 – 195.95100 – 195.69200 – 194.01200 – 194.33200
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Northern Doji