GBP/JPY – 30M – BUY

Next a ‘Inverse Head and Shoulder chart pattern’ chart layout is found. The chart shows ‘Inverse Head and Shoulder chart pattern’. which is a positive pattern signal. The pair is likely to go up.

Correction of the major bearish trend halted around the Fibonacci 0.79-Level.Continuation of the current descending trend is expected. Target of the current trend is 208.455 at the Fibonacci level 0.5-Level. Caution: A possible trend reversal in the direction of the support line at 209.683 is within the realm of possibility.
Please make appropriate stop-loss settings in the case of a trade.

Next a ‘Three Inside Down’ chart pattern is detected. The chart forms ‘Three Inside Down’. this is a bearish chart scenario. The pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Three Inside Down’ heading down is 60% (Bull Market) & 63% (Bear Market).

209.683 – 208.939 – 209.532 – 208.38 – 208.076 – 207.612 —
209.26800 – 209.17300 —
52.188910438343 – 52.317811884718 —
– —
209.683 – 1771606800

Trading Signals: FOREX – GBP – GBP/JPY – JPY – Three Inside Down – Inverse Head and Shoulder chart pattern – – – – – – – –