GBP/JPY – 1H – SELLThe currency pair British Pound/Japanese Yen (GBP/JPY) jumps from the bearish trendline downwards
A continuation of the downward movement down to the next support line at 198.37100 is likely expected.
Caution: A possible counter-trend in the direction of the resistance zone at 199.18300 should be noted.
Consider stop-loss settings accordingly.
Furthermore a ‘Support Level’ indicator signal is detected. The indicator shows ‘Support Level’. which is often a bearish chart scenario. The currency pair could go down.
Furthermore a ‘Northern Doji’ chart pattern is discovered. The candles show ‘Northern Doji’. this is a bullish chart scenario. The currency 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 | 199.53100 |
| 2nd High | 199.29000 |
| Next High | 199.18300 |
| Current Price | 198.65500 |
| Next Low | 198.37100 |
| 2nd Low | 198.27100 |
| 3rd Low | 197.85400 |
199.18300 – 199.05000 – 199.29000 – 198.37100 – 198.27100 – 198.73900 — 43.645130336426 – 42.811688265728 — 30.328103293291 – 13.439197679452 – 26.540018678356 – 22.878168995763
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Northern Doji – Double top retreat up – –