GBP/JPY – 1H – BUYThe currency pair British Pound/Japanese Yen (GBP/JPY) jumps from the ascending trendline downwards
A descent downwards to the next support at 196.59900 is likely expected.
Caution: A possible counter-trend in the direction of resistance at 197.62000 could occur.
Consider stop-loss settings accordingly.
Additionally a ‘Three White Soldiers’ candlestick chart pattern is detected. The chart forms ‘Three White Soldiers’. this is a bullish pattern signal. The currency pair is likely to rise. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Three White Soldiers’ going up is 82%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 199.55300 |
| 2nd High | 198.94500 |
| Next High | 197.62000 |
| Current Price | 197.45200 |
| Next Low | 196.59900 |
| 2nd Low | 196.43900 |
| 3rd Low | 195.74500 |
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Three White Soldiers