GBP/JPY – 4H – BUY

The combination British Pound/Japanese Yen (GBP/JPY) moves from the bearish trendline upwards

A bullish ascent up to the next resistance at 215.553 is expected.

Caution: A possible reversal of the trend in the direction of the support zone at 211.197 is within the realm of possibility.
Please make appropriate stop-loss settings in the case of a trade.

Moreover a ‘Support Level’ indicator signal is detected. The indicator shows ‘Support Level’. which is often a bullish signal. The currency pair could go up.

Correction of the major bearish trend broke through the Fibonacci 0.5-Level.Continuation of the current ascending trend is expected. Current target is 214.662474 at the Fibonacci level 0.79-Level. Caution: A possible reversal of the trend in the direction of the resistance line at 215.553 is within the realm of possibility.
Please make appropriate stop-loss settings in the case of a trade.

Moreover a ‘Three Outside Up’ candlestick pattern is discovered. The candles form ‘Three Outside Up’. which is a bullish chart scenario. The currency pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Three Outside Up’ going up is 75% (Bull Market) & 74% (Bear Market).

215.553 – 215.23 – 215.606 – 213.863 – 212.924 – 213.32 —
213.88600 – 212.85900 —
35.861781632157 – 29.551782502097 —
– —
215.553 – 1781625600

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