GBP/JPY – 30M – BUYThe combination British Pound/Japanese Yen (GBP/JPY) breaks through the ascending trendline upwards
A continuation of the uptrend up to the next resistance line at 194.78500 is expected.
Caution: A possible change in the direction of the support zone at 192.51300 could occur.
Consider stop-loss settings accordingly.
Next a ‘Three Outside Up’ candlestick chart pattern is discovered. The chart forms ‘Three Outside Up’. which is a positive chart scenario. The 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 | 196.41700 |
| 2nd High | 194.80200 |
| Next High | 194.78500 |
| Current Price | 194.54100 |
| Next Low | 192.51300 |
| 2nd Low | 192.44600 |
| 3rd Low | 190.59400 |
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Three Outside Up