GBP/JPY – 1H – BUYMoreover a ‘Double bottom chart pattern’ chart layout is discovered. The chart shows ‘Double bottom chart pattern’. which is a positive chart scenario. The currency pair is likely to rise.
The currency pair British Pound/Japanese Yen (GBP/JPY) breaks through the descending trendline up.
An ascending movement upwards to the next resistance level at 199.8 is considered certain.
Caution: A possible reversal of the trend in the direction of the support line at 199.289 could occur.
In case of a trade, appropriate stop-loss settings should be considered.
Moreover a ‘Northern Doji’ candlestick chart pattern is detected. The chart shows ‘Northern Doji’. which is a positive chart scenario. The currency pair is likely to rise. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Northern Doji’ heading up is 52% (Bull Market) & 51% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 200.264 |
| 2nd High | 200.142 |
| Next High | 199.8 |
| Current Price | 199.80900 |
| Next Low | 199.289 |
| 2nd Low | 198.786 |
| 3rd Low | 198.669 |
199.8 – 200.142 – 199.132 – 199.289 – 198.786 – 199.353 — 62.138139528065 – 65.273473240009 — 100 – 100 – 81.261155397257 – 94.046550982151
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Northern Doji – Double bottom chart pattern – –