GBP/JPY – 30M – SELLMoreover a ‘Double bottom retreat down’ chart layout is detected. The chart picture shows ‘Double bottom retreat down’. which is a bearish signal. The currency pair is likely to fall.
The combination British Pound/Japanese Yen (GBP/JPY) jumps from the bullish trendline downwards
The bearish trend down to the next support line at 195.69200 will continue.
Caution: A possible trend reversal in the direction of the resistance line at 196.84100 could happen.
In the case of a trade, always set appropriate stop-loss settings.
Moreover a ‘Matching Low’ candle pattern is existing. The chart shows ‘Matching Low’. this is a bullish pattern signal. The currency pair is likely to rise. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Matching Low’ heading up is 61% (Bull & Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | |
| Next High | 196.84100 |
| Current Price | 196.45500 |
| 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 – Matching Low