GBP/JPY – 1H – BUYThe currency pair British Pound/Japanese Yen (GBP/JPY) breaks through the ascending trendline up.
A continuation of the uptrend up to the next resistance at 198.94500 is likely expected.
Caution: A possible change in the direction of the support zone at 195.74500 could happen.
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 is likely expected. Current target is 197.790724 at the Fibonacci level 0.24-Level. Caution: A possible change in the direction of the resistance level at 198.94500 could happen.
Please make appropriate stop-loss settings in the case of a trade.
Additionally a ‘Three White Soldiers’ candle pattern is discovered. The chart forms ‘Three White Soldiers’. this is a bullish pattern signal. The currency pair is likely to rise. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Three White Soldiers’ going up is 82%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 199.70900 |
| 2nd High | 199.55300 |
| Next High | 198.94500 |
| Current Price | 196.79500 |
| Next Low | 195.74500 |
| 2nd Low | 194.05400 |
| 3rd Low | 193.62500 |
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Three White Soldiers