GBP/JPY – 30M – BUYThe pair British Pound/Japanese Yen (GBP/JPY) goes from the bullish trendline upwards
A continuation of the upward movement up to the next resistance line at 195.68900 will persist.
Caution: A possible change in the direction of the support level at 194.69900 could occur.
Please make appropriate stop-loss settings in the case of a trade.
Correction of the major bullish trend halted around the Fibonacci 0.5-Level.Continuation of the current ascending trend will persist. Current target is 195.280588 at the Fibonacci level 0.24-Level. Caution: A possible change in the direction of the resistance level at 195.68900 could occur.
Please make appropriate stop-loss settings in the case of a trade.
Moreover a ‘Three Outside Up’ candlestick chart pattern is detected. The candles show ‘Three Outside Up’. which is a positive chart scenario. The currency pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Three Outside Up’ going up is 75% (Bull Market) & 74% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 195.79200 |
| 2nd High | 195.76500 |
| Next High | 195.68900 |
| Current Price | 195.36000 |
| Next Low | 194.69900 |
| 2nd Low | 194.64900 |
| 3rd Low | 193.82700 |
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Three Outside Up