GBP/JPY – 30M – BUYThe combination British Pound/Japanese Yen (GBP/JPY) breaks through the bearish trendline up.
A bullish movement upwards to the next resistance level at 194.76600 is expected.
Caution: A possible reversal of the trend in the direction of the support level at 194.22700 could be enabled.
Please make appropriate stop-loss settings in the case of a trade.
Besides a ‘Three Outside Up’ candlestick pattern is existing. The chart shows ‘Three Outside Up’. which is a positive chart scenario. The currency pair is likely to go up. 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 | 197.53900 |
| 2nd High | 196.01100 |
| Next High | 194.76600 |
| Current Price | 194.56500 |
| Next Low | 194.22700 |
| 2nd Low | 193.47200 |
| 3rd Low | 192.85100 |
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Three Outside Up