GBP/JPY – 30M – BUYThe currency pair British Pound/Japanese Yen (GBP/JPY) breaks through the ascending trendline upwards
A continuation of the bullish trend upwards to the next resistance level at 198.94500 is considered certain.
Caution: A possible reversal of the trend in the direction of the support line at 195.74500 should always be considered.
Consider stop-loss settings accordingly.
There is also a ‘Three Outside Up’ chart pattern is detected. The candles form ‘Three Outside Up’. which is a bullish signal. The pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Three Outside Up’ going up is 75% (Bull Market) & 74% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 199.55300 |
| 2nd High | 199.37100 |
| Next High | 198.94500 |
| Current Price | 197.04000 |
| Next Low | 195.74500 |
| 2nd Low | 194.05400 |
| 3rd Low | 193.82700 |
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Three Outside Up