GBP/JPY – 30M – BUYThe currency pair British Pound/Japanese Yen (GBP/JPY) breaks through the bearish trendline upwards
A bullish ascent upwards to the next resistance at 198.05200 is likely expected.
Caution: A possible reversal of the trend in the direction of the support line at 197.27500 could happen.
Please make appropriate stop-loss settings in the case of a trade.
Correction of the major bullish trend halted around the Fibonacci 0.24-Level.Continuation of the current ascending trend is likely expected. Target of the current trend is 197.986 at the Fibonacci level 0-Level. Caution: A possible reversal of the trend in the direction of the resistance level at 198.05200 could happen.
Please make appropriate stop-loss settings in the case of a trade.
Also there is a ‘Three White Soldiers’ candle pattern is detected. The chart forms ‘Three White Soldiers’. which is a positive signal. 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 White Soldiers’ going up is 82%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 198.91900 |
| 2nd High | 198.45500 |
| Next High | 198.05200 |
| Current Price | 198.01200 |
| Next Low | 197.27500 |
| 2nd Low | 196.64800 |
| 3rd Low | 196.48700 |