GBP/JPY – 30M – BUYThe currency pair British Pound/Japanese Yen (GBP/JPY) breaks through the bearish trendline up.
An ascending movement up to the next resistance at 198.25200 will continue.
Caution: A possible reversal of the trend in the direction of the support line at 195.84100 should always be considered.
In case of a trade, appropriate stop-loss settings should be considered.
Next a ‘Bullish Belt Hold’ candle chart pattern is discovered. The candles show ‘Bullish Belt Hold’. which is a bullish pattern signal. The currency pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Bullish Belt Hold’ going up is 71% (Bull Market) & 71% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 199.37100 |
| 2nd High | 198.94600 |
| Next High | 198.25200 |
| Current Price | 197.74200 |
| Next Low | 195.84100 |
| 2nd Low | 194.63800 |
| 3rd Low | 194.18900 |
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Bullish Belt Hold