GBP/JPY – 30M – SELLThe combination British Pound/Japanese Yen (GBP/JPY) goes from the descending trendline down.
A continuation of the bearish trend down to the next support at 207.628 is likely expected.
Caution: A possible trend reversal in the direction of resistance at 209.001 should always be considered.
Consider stop-loss settings accordingly.
In addition a ‘Matching Low’ candle pattern is detected. The candles show ‘Matching Low’. 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 ‘Matching Low’ going up is 61% (Bull & Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 212.781 |
| 2nd High | 210.511 |
| Next High | 209.001 |
| Current Price | 208.68500 |
| Next Low | 207.628 |
| 2nd Low | 207.045 |
| 3rd Low | 206.761 |
209.001 – 210.511 – 212.781 – 207.628 – 208.171 – 208.972 —
208.62200 – 208.77500 —
48.553115141731 – 52.740687458766 —
– —
209.001 – 1770863400
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Matching Low – – – – – – – – –