GBP/JPY – 1H – BUYThe combination British Pound/Japanese Yen (GBP/JPY) breaks through the bearish trendline up.
An ascending movement upwards to the next resistance line at 198.45500 will persist.
Caution: A possible counter-trend in the direction of the support level at 196.64800 is within the realm of possibility.
In case of a trade, appropriate stop-loss settings should be considered.
Correction of the major bearish trend broke through the Fibonacci 0.5-Level.Continuation of the current ascending trend will persist. Target of the current trend is 198.068302 at the Fibonacci level 0.79-Level. Caution: A possible counter-trend in the direction of resistance at 198.45500 is within the realm of possibility.
In case of a trade, appropriate stop-loss settings should be considered.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 199.70900 |
| 2nd High | 199.55300 |
| Next High | 198.45500 |
| Current Price | 198.17500 |
| Next Low | 196.64800 |
| 2nd Low | 196.48700 |
| 3rd Low | 195.36700 |