GBP/JPY – 4H – BUYThe combination British Pound/Japanese Yen (GBP/JPY) jumps from the bullish trendline upwards
A continuation of the bullish trend up to the next resistance at 198.25200 will continue.
Caution: A possible trend reversal in the direction of the support zone at 192.85100 should always be considered.
Please make appropriate stop-loss settings in the case of a trade.
Also there is a ‘Three Outside Up’ candlestick pattern is discovered. The candles form ‘Three Outside Up’. which is a positive signal. The currency pair is likely to rise. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Three Outside Up’ going up is 75% (Bull Market) & 74% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | 198.94600 |
| Next High | 198.25200 |
| Current Price | 194.64700 |
| Next Low | 192.85100 |
| 2nd Low | 190.59400 |
| 3rd Low | 188.07200 |
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Three Outside Up