GBP/JPY – 4H – BUYCorrection of the major bullish trend halted around the Fibonacci 0.24-Level.Continuation of the current ascending trend is expected. Current target is 198.945 at the Fibonacci level 0-Level. Caution: A possible change in the direction of the resistance line at 198.94500 should be noted.
In the case of a trade, always set appropriate stop-loss settings.
In addition a ‘Three Outside Up’ candlestick chart pattern is discovered. The chart shows ‘Three Outside Up’. which is a bullish 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’ going up is 75% (Bull Market) & 74% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 199.70900 |
| 2nd High | 199.55300 |
| Next High | 198.94500 |
| Current Price | 196.97000 |
| Next Low | 194.05400 |
| 2nd Low | 192.85100 |
| 3rd Low | 190.59400 |
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Three Outside Up