GBP/JPY – 30M – BUYThe combination British Pound/Japanese Yen (GBP/JPY) jumps from the ascending trendline downwards
A bearish trend downwards to the next support at 196.31600 is expected.
Caution: A possible change in the direction of resistance at 198.94600 should always be considered.
Consider stop-loss settings accordingly.
Correction of the major bearish trend broke through the Fibonacci 0.24-Level.Continuation of the current ascending trend is expected. Target of the current trend is 197.631 at the Fibonacci level 0.5-Level. Caution: A possible change in the direction of resistance at 198.94600 should always be considered.
Consider stop-loss settings accordingly.
Then a ‘Three Outside Up’ chart pattern is detected. The chart shows ‘Three Outside Up’. which is a positive signal. The currency pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Three Outside Up’ going up is 75% (Bull Market) & 74% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 199.55300 |
| 2nd High | 199.37100 |
| Next High | 198.94600 |
| Current Price | 196.99800 |
| Next Low | 196.31600 |
| 2nd Low | 196.31000 |
| 3rd Low | 195.74500 |
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Three Outside Up