GBP/JPY – 30M – BUYThe currency pair breaks through the descending trendline up.
A bullish trend up to the next resistance level at 199.00100 is expected.
Caution: A possible trend reversal in the direction of support at 197.79800 should always be considered.
In case of a trade, appropriate stop-loss settings should be considered.
Correction of the major bullish trend halted around the Fibonacci 0.24-Level.Continuation of the current ascending trend is expected. Target of the current trend is 199.347 at the Fibonacci level 0-Level. Caution: A possible trend reversal in the direction of the resistance line at 199.00100 should always be considered.
In case of a trade, appropriate stop-loss settings should be considered.
The chart formed a ‘Three White Soldiers’ candlestick pattern, which means 3 higher candles in a row.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | 199.34700 |
| Next High | 199.00100 |
| Current Price | 198.98500 |
| Next Low | 197.79800 |
| 2nd Low | 197.13400 |
| 3rd Low | 196.39600 |