GBP/JPY – 30M – BUYThe pair British Pound/Japanese Yen (GBP/JPY) breaks through the bullish trendline up.
A continuation of the upward movement upwards to the next resistance at 206.044 is expected.
Caution: A possible trend reversal in the direction of the support level at 204.578 is within the realm of possibility.
In case of a trade, appropriate stop-loss settings should be considered.
Furthermore a ‘Northern Doji’ candlestick chart pattern is found. The candles form ‘Northern Doji’. this is a bullish signal. The currency pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Northern Doji’ going up is 52% (Bull Market) & 51% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | |
| Next High | 206.044 |
| Current Price | 205.77800 |
| Next Low | 204.578 |
| 2nd Low | 203.975 |
| 3rd Low | 203.883 |
206.044 – 205.364 – 204.737 – 204.578 – 203.975 – 203.883 —
206.03800 – 205.83600 —
71.91209582884 – 59.504409987668 —
– —
206.04400 – 1763627400
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Northern Doji – Double bottom chart pattern – – – –