GBP/JPY – 30M – BUYThe combination British Pound/Japanese Yen (GBP/JPY) moves from the bullish trendline downwards
A bearish movement down to the next support line at 195.73200 is certain.
Caution: A possible change in the direction of the resistance level at 198.94600 should always be considered.
In case of a trade, appropriate stop-loss settings should be considered.
Correction of the major bearish trend broke the Fibonacci 0.24-Level.Continuation of the current ascending trend is certain. Current target is 197.339 at the Fibonacci level 0.5-Level. Caution: A possible change in the direction of the resistance level at 198.94600 should always be considered.
In case of a trade, appropriate stop-loss settings should be considered.
Moreover a ‘Three Outside Up’ candlestick chart pattern is detected. The chart shows ‘Three Outside Up’. which is a positive signal. The currency pair is likely to rise. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood 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 | 196.89200 |
| Next Low | 195.73200 |
| 2nd Low | 194.05400 |
| 3rd Low | 193.82700 |
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Three Outside Up