GBP/JPY – 1H – BUYThe currency pair British Pound/Japanese Yen (GBP/JPY) breaks through the bullish trendline up.
A continuation of the bullish trend up to the next resistance at 213.719 is expected.
Caution: A possible counter-trend in the direction of the support level at 211.973 is within the realm of possibility.
In the case of a trade, always set appropriate stop-loss settings.
Additionally a ‘Bearish SBS White Lines’ candle pattern is found. The chart shows ‘Bearish SBS White Lines’. which is a negative signal. The currency pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Bearish SBS White Lines’ going down is 56% (Bull Market) & 57% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 214.999 |
| 2nd High | 214.433 |
| Next High | 213.719 |
| Current Price | 212.67200 |
| Next Low | 211.973 |
| 2nd Low | 211.589 |
| 3rd Low | 209.176 |
212.177 – 211.54 – 210.987 – 211.973 – 211.589 – 209.176 —
212.21000 – 212.71000 —
57.759076913851 – 57.614615874846 —
– —
212.177 – 1773093600
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Bearish SBS White Lines – Rising Wedge Chart Pattern – – – – – – – –