GBP/JPY – 30M – BUYThe pair British Pound/Japanese Yen (GBP/JPY) breaks through the bearish trendline up.
A bullish ascent upwards to the next resistance line at 191.68800 will persist.
Caution: A possible trend reversal in the direction of support at 190.33800 could be enabled.
Consider stop-loss settings accordingly.
Next a ‘Three Outside Up’ candle chart pattern is existing. The candles form ‘Three Outside Up’. which is a bullish pattern 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 Outside Up’ heading up is 75% (Bull Market) & 74% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 192.29800 |
| 2nd High | 192.20900 |
| Next High | 191.68800 |
| Current Price | 191.57300 |
| Next Low | 190.33800 |
| 2nd Low | 189.35000 |
| 3rd Low | 188.07200 |
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Three Outside Up