GBP/JPY – 30M – SELLNext a ‘Double top retreat up’ chart layout is found. The formation shows ‘Double top retreat up’. this is a bullish signal. The currency pair is likely to rise.
The combination British Pound/Japanese Yen (GBP/JPY) goes from the bullish trendline down.
A bearish trend down to the next support at 196.27200 is certain.
Caution: A possible reversal of the trend in the direction of the resistance zone at 197.74800 is within the realm of possibility.
Please make appropriate stop-loss settings in the case of a trade.
Next a ‘Northern Doji’ chart pattern is discovered. The chart shows ‘Northern Doji’. which is a positive signal. The pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Northern Doji’ heading up is 52% (Bull Market) & 51% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 198.74400 |
| 2nd High | 198.00400 |
| Next High | 197.74800 |
| Current Price | 197.21100 |
| Next Low | 196.27200 |
| 2nd Low | 196.15200 |
| 3rd Low | 195.69200 |
197.74800 – 198.00400 – 198.74400 – 196.27200 – 197.18400 – 197.21000
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Northern Doji – Double top retreat up