GBP/JPY – 1H – BUYThe combination British Pound/Japanese Yen (GBP/JPY) breaks through the bearish trendline upwards
A bullish ascent upwards to the next resistance level at 192.20900 is expected.
Caution: A possible change in the direction of the support level at 190.33800 is within the realm of possibility.
Please make appropriate stop-loss settings in the case of a trade.
Moreover a ‘Bullish Tri-Star’ chart pattern is existing. The candles show ‘Bullish Tri-Star’. which is a bullish chart scenario. The pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Bullish Tri-Star’ heading up is 60% (Bull Market) & 55% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 192.46500 |
| 2nd High | 192.29800 |
| Next High | 192.20900 |
| Current Price | 191.54600 |
| Next Low | 190.33800 |
| 2nd Low | 188.07200 |
| 3rd Low |
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Bullish Tri-Star