GBP/JPY – 1H – SELLThere is also a ‘Inverse Head and Shoulder chart pattern’ chart layout is detected. The chart picture forms ‘Inverse Head and Shoulder chart pattern’. this is a bullish chart scenario. The currency pair is likely to rise.
The combination British Pound/Japanese Yen (GBP/JPY) moves from the ascending trendline downwards
A bearish movement down to the next support line at 210.063 will continue.
Caution: A possible counter-trend in the direction of the resistance level at 212.022 should always be considered.
In the case of a trade, always set appropriate stop-loss settings.
There is also a ‘StochRSI %K line crosses above %D line’ indicator layout is existing. The indicator is ‘StochRSI %K line crosses above %D line’. which could be a positive signal. The pair is likely to go up.
There is also a ‘Advance Block’ candlestick pattern is existing. The candles form ‘Advance Block’. which is a negative pattern signal. The pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Advance Block’ heading down is 64% (Bull Market) & 61% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | 214.847 |
| Next High | 212.022 |
| Current Price | 211.77700 |
| Next Low | 210.063 |
| 2nd Low | 209.784 |
| 3rd Low | 209.606 |
212.022 – 211.215 – 211.751 – 210.063 – 210.064 – 209.784 —
211.87900 – 211.82400 —
65.274207322327 – 60.314578591817 —
– —
212.02200 – 1769634000
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Advance Block – Inverse Head and Shoulder chart pattern – – – – – – – –