GBP/JPY – 1H – BUYThe currency pair British Pound/Japanese Yen (GBP/JPY) breaks through the descending trendline upwards
The bullish trend upwards to the next resistance line at 197.98600 is certain.
Caution: A possible reversal of the trend in the direction of the support level at 197.07200 is also possible.
Please make appropriate stop-loss settings in the case of a trade.
Furthermore a ‘Three White Soldiers’ candlestick chart pattern is found. The chart forms ‘Three White Soldiers’. which is a bullish signal. The currency pair is likely to rise. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Three White Soldiers’ heading up is 82%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 199.55300 |
| 2nd High | 198.45500 |
| Next High | 197.98600 |
| Current Price | 197.98700 |
| Next Low | 197.07200 |
| 2nd Low | 196.64800 |
| 3rd Low | 196.48700 |