GBP/JPY – 1H – BUYThe combination British Pound/Japanese Yen (GBP/JPY) breaks through the descending trendline up.
A bullish ascent upwards to the next resistance line at 199.132 is considered certain.
Caution: A possible reversal of the trend in the direction of the support zone at 198.371 should always be considered.
In case of a trade, appropriate stop-loss settings should be considered.
In addition a ‘Northern Doji’ candle pattern is detected. The candles show ‘Northern Doji’. which is a bullish pattern signal. The currency pair is likely to rise. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Northern Doji’ heading up is 52% (Bull Market) & 51% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 199.29 |
| 2nd High | 199.183 |
| Next High | 199.132 |
| Current Price | 198.69600 |
| Next Low | 198.371 |
| 2nd Low | 198.271 |
| 3rd Low | 197.854 |
199.132 – 199.183 – 199.05 – 198.371 – 198.271 – 198.739 — 40.724020239918 – 42.278080235733 — 15.747953079095 – 34.390091850372 – 13.776554249036 – 21.589487000125
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Northern Doji – Triple bottom chart pattern – –