GBP/JPY – 1H – BUYThe currency pair British Pound/Japanese Yen (GBP/JPY) breaks through the bullish trendline up.
A continuation of the bullish trend up to the next resistance level at 198.94500 is certain.
Caution: A possible reversal of the trend in the direction of the support level at 194.05400 could occur.
Consider stop-loss settings accordingly.
Moreover a ‘Bearish SBS White Lines’ candlestick pattern is existing. The chart forms ‘Bearish SBS White Lines’. which is a bearish signal. The currency pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Bearish SBS White Lines’ going down is 56% (Bull Market) & 57% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 199.70900 |
| 2nd High | 199.55300 |
| Next High | 198.94500 |
| Current Price | 196.07100 |
| Next Low | 194.05400 |
| 2nd Low | 193.62500 |
| 3rd Low | 192.85100 |
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Bearish SBS White Lines