GBP/JPY – 1H – BUY

The pair British Pound/Japanese Yen (GBP/JPY) breaks through the descending trendline upwards

An ascending movement upwards to the next resistance level at 210.559 is likely expected.

Caution: A possible counter-trend in the direction of the support zone at 209.176 could be enabled.
Consider stop-loss settings accordingly.

Correction of the major bearish trend broke through the Fibonacci 0.5-Level.Continuation of the current ascending trend is likely expected. Target of the current trend is 210.875882 at the Fibonacci level 0.79-Level. Caution: A possible counter-trend in the direction of resistance at 210.559 could be enabled.
Consider stop-loss settings accordingly.

Also there is a ‘Three Outside Up’ candlestick pattern is discovered. The candles form ‘Three Outside Up’. which is a positive signal. 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’ heading up is 75% (Bull Market) & 74% (Bear Market).

210.559 – 210.724 – 211.376 – 209.176 – 209.481 – 209.213 —
210.46300 – 210.31200 —
60.988912222166 – 53.938054239023 —
– —
210.559 – 1772629200

Trading Signals: FOREX – GBP – GBP/JPY – JPY – Three Outside Up – – – – – – – – –