GBP/JPY – 4H – BUYThe pair British Pound/Japanese Yen (GBP/JPY) breaks through the ascending trendline up.
A continuation of the bullish trend up to the next resistance line at 198.94500 is considered certain.
Caution: A possible change in the direction of the support zone at 194.05400 is also possible.
Consider stop-loss settings accordingly.
Moreover a ‘Three Outside Up’ candle chart pattern is existing. The chart shows ‘Three Outside Up’. which is a positive chart scenario. The currency pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Three Outside Up’ heading up is 75% (Bull Market) & 74% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | |
| Next High | 198.94500 |
| Current Price | 198.65400 |
| Next Low | 194.05400 |
| 2nd Low | 192.85100 |
| 3rd Low | 190.59400 |
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Three Outside Up