GBP/JPY – 4H – BUYThe currency pair British Pound/Japanese Yen (GBP/JPY) breaks through the bearish trendline up.
A bullish movement upwards to the next resistance at 194.99000 is likely expected.
Caution: A possible counter-trend in the direction of the support level at 190.59400 should always be considered.
In the case of a trade, always set appropriate stop-loss settings.
Then a ‘Three Outside Up’ candlestick chart pattern is found. The candles show ‘Three Outside Up’. which is a bullish chart scenario. The currency pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Three Outside Up’ heading up is 75% (Bull Market) & 74% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 198.43800 |
| 2nd High | 197.78100 |
| Next High | 194.99000 |
| Current Price | 194.94000 |
| Next Low | 190.59400 |
| 2nd Low | 188.07200 |
| 3rd Low |
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Three Outside Up