GBP/JPY – 1H – BUYThe currency pair British Pound/Japanese Yen (GBP/JPY) breaks through the descending trendline up.
A bullish movement upwards to the next resistance line at 213.115 is considered certain.
Caution: A possible change in the direction of support at 212.334 is also possible.
Consider stop-loss settings accordingly.
Besides a ‘Bullish Belt Hold’ chart pattern is detected. The chart shows ‘Bullish Belt Hold’. this is a bullish chart scenario. The currency pair is likely to rise. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Bullish Belt Hold’ going up is 71% (Bull Market) & 71% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 216.592 |
| 2nd High | 214.218 |
| Next High | 213.115 |
| Current Price | 213.32300 |
| Next Low | 212.334 |
| 2nd Low | 212.267 |
| 3rd Low | 210.758 |
213.115 – 214.218 – 214.065 – 212.334 – 212.267 – 210.758 —
212.63300 – 213.06400 —
44.278197655087 – 60.840894169243 —
– —
213.115 – 1778158800
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Bullish Belt Hold – Rising Wedge Chart Pattern – – – – – – – –