GBP/JPY – 30M – BUYThe currency pair British Pound/Japanese Yen (GBP/JPY) breaks through the descending trendline up.
An ascent upwards to the next resistance level at 191.28000 is expected.
Caution: A possible counter-trend in the direction of the support level at 188.46600 could be enabled.
In the case of a trade, always set appropriate stop-loss settings.
And also a ‘Bullish Engulfing’ candle chart pattern is existing. The candles form ‘Bullish Engulfing’. which is a positive pattern signal. The pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Bullish Engulfing’ heading up is 63%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 192.46500 |
| 2nd High | 192.29800 |
| Next High | 191.28000 |
| Current Price | 189.54100 |
| Next Low | 188.46600 |
| 2nd Low | 188.16400 |
| 3rd Low | 186.68500 |
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Bullish Engulfing