GBP/JPY – 30M – BUYThe currency pair British Pound/Japanese Yen (GBP/JPY) breaks through the bullish trendline upwards
A continuation of the bullish trend up to the next resistance level at 198.94500 is certain.
Caution: A possible change in the direction of support at 197.20500 should be noted.
In case of a trade, appropriate stop-loss settings should be considered.
Correction of the major bullish trend halted around the Fibonacci 0-Level.Continuation of the current ascending trend is certain. Current target is 197.999 at the Fibonacci level 0-Level. Caution: A possible change in the direction of resistance at 198.94500 should be noted.
In case of a trade, appropriate stop-loss settings should be considered.
Then a ‘Shooting Star’ candle chart pattern is discovered. The candles show ‘Shooting Star’. this is a bearish pattern signal. The pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Shooting Star’ going down is 59% (Bull Market) & 60% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 199.55300 |
| 2nd High | 199.37100 |
| Next High | 198.94500 |
| Current Price | 198.08200 |
| Next Low | 197.20500 |
| 2nd Low | 197.01500 |
| 3rd Low | 196.78300 |
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Shooting Star