GBP/JPY – 1H – BUYThe combination British Pound/Japanese Yen (GBP/JPY) goes from the ascending trendline down.
A descending movement downwards to the next support at 196.43900 will continue.
Caution: A possible counter-trend in the direction of the resistance zone at 197.06600 is also possible.
Please make appropriate stop-loss settings in the case of a trade.
Moreover a ‘Three Outside Up’ chart pattern is detected. The candles show ‘Three Outside Up’. which is a positive pattern signal. The pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Three Outside Up’ heading up is 75% (Bull Market) & 74% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 199.55300 |
| 2nd High | 198.94500 |
| Next High | 197.06600 |
| Current Price | 196.83200 |
| Next Low | 196.43900 |
| 2nd Low | 195.74500 |
| 3rd Low | 194.05400 |
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Three Outside Up