GBP/JPY – 1H – BUYCorrection of the major bullish trend halted around the Fibonacci 0.7-Level.Continuation of the current ascending trend is certain. Target of the current trend is 212.2265 at the Fibonacci level 0.5-Level. Caution: A possible trend reversal in the direction of the resistance zone at 214.847 should always be considered.
In the case of a trade, always set appropriate stop-loss settings.
Next a ‘Bullish Belt Hold’ candlestick chart pattern is found. The candles form ‘Bullish Belt Hold’. this is a bullish pattern signal. The currency pair is likely to rise. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Bullish Belt Hold’ going up is 71% (Bull Market) & 71% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | |
| Next High | 214.847 |
| Current Price | 211.12000 |
| Next Low | 209.606 |
| 2nd Low | 207.929 |
| 3rd Low | 207.045 |
214.847 – 212.757 – 213.487 – 209.606 – 211.583 – 212.114 —
210.57800 – 210.98200 —
36.340206519704 – 46.493842477502 —
– —
214.84700 – 1769158800
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Bullish Belt Hold – Double bottom chart pattern – – – – – – – –