GBP/JPY – 1H – BUYThe currency pair British Pound/Japanese Yen (GBP/JPY) breaks through the descending trendline upwards
An ascent upwards to the next resistance level at 190.37300 is certain.
Caution: A possible counter-trend in the direction of support at 188.07200 should be noted.
Consider stop-loss settings accordingly.
In addition a ‘Three White Soldiers’ candlestick chart pattern is found. The chart forms ‘Three White Soldiers’. this is a bullish signal. The pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Three White Soldiers’ heading up is 82%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 192.29800 |
| 2nd High | 191.28000 |
| Next High | 190.37300 |
| Current Price | 190.47900 |
| Next Low | 188.07200 |
| 2nd Low | 186.68500 |
| 3rd Low | 185.81900 |
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Three White Soldiers