GBP/JPY – 30M – BUYThe combination British Pound/Japanese Yen (GBP/JPY) breaks through the bearish trendline upwards
An ascending movement upwards to the next resistance line at 197.98600 is considered certain.
Caution: A possible trend reversal in the direction of the support level at 197.27500 should be noted.
In the case of a trade, always set appropriate stop-loss settings.
Moreover a ‘Bullish Engulfing’ candle pattern is existing. The chart shows ‘Bullish Engulfing’. which is a bullish signal. The currency pair is likely to rise. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Bullish Engulfing’ going up is 63%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 198.45500 |
| 2nd High | 198.05200 |
| Next High | 197.98600 |
| Current Price | 197.94000 |
| Next Low | 197.27500 |
| 2nd Low | 196.64800 |
| 3rd Low | 196.48700 |