GBP/JPY – 1H – SELLThe currency pair British Pound/Japanese Yen (GBP/JPY) moves from the bearish trendline down.
A continuation of the downward movement down to the next support at 195.35600 will persist.
Caution: A possible counter-trend in the direction of the resistance line at 198.09900 is within the realm of possibility.
Please make appropriate stop-loss settings in the case of a trade.
Moreover a ‘Northern Doji’ chart pattern is discovered. The chart forms ‘Northern Doji’. which is a bullish chart scenario. The pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Northern Doji’ heading up is 52% (Bull Market) & 51% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 198.80000 |
| 2nd High | 198.74400 |
| Next High | 198.09900 |
| Current Price | 197.23800 |
| Next Low | 195.35600 |
| 2nd Low | 194.01200 |
| 3rd Low | 193.75600 |
198.09900 – 197.54600 – 197.55000 – 195.35600 – 196.27200 – 197.21000
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Northern Doji – Inverse Head and Shoulder chart pattern