GBP/JPY – 30M – SELLThe currency pair British Pound/Japanese Yen (GBP/JPY) jumps from the ascending trendline down.
A descending movement down to the next support level at 199.289 is expected.
Caution: A possible reversal of the trend in the direction of the resistance line at 199.516 is within the realm of possibility.
In case of a trade, appropriate stop-loss settings should be considered.
Besides a ‘Northern Doji’ candlestick pattern is detected. The chart shows ‘Northern Doji’. which is a bullish signal. The currency pair is likely to rise. 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 | 199.87 |
| 2nd High | 199.8 |
| Next High | 199.516 |
| Current Price | 199.82400 |
| Next Low | 199.289 |
| 2nd Low | 198.786 |
| 3rd Low | 198.669 |
199.516 – 199.8 – 199.457 – 199.289 – 198.786 – 198.669 — 62.62952593186 – 58.263865404099 — 72.359434991043 – 46.76678172046 – 83.665795521569 – 68.403073361477
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Northern Doji – Double bottom retreat down – –