GBP/JPY – 30M – SELL

The currency pair British Pound/Japanese Yen (GBP/JPY) jumps from the bullish trendline down.

A descent down to the next support at 198.10700 is likely expected.

Caution: A possible trend reversal in the direction of the resistance line at 198.80000 could happen.
Consider stop-loss settings accordingly.

There is also a ‘Resistance Level’ indicator signal is detected. The indicator shows ‘Resistance Level’. this is usually a bearish chart scenario. The currency pair is likely to fall.

There is also a ‘Matching Low’ candlestick chart pattern is discovered. The chart forms ‘Matching Low’. which is a bullish signal. The pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Matching Low’ going up is 61% (Bull & Bear Market).

198.80000 – 198.52800 – 198.59300 – 198.10700 – 198.01100 – 197.70300

Trading Signals: FOREX – GBP – GBP/JPY – JPY – Matching Low – Double top retreat up