GBP/JPY – 30M – BUYThe combination British Pound/Japanese Yen (GBP/JPY) breaks through the bearish trendline upwards
An ascending movement upwards to the next resistance level at 197.51500 is certain.
Caution: A possible trend reversal in the direction of the support level at 194.05400 could occur.
In case of a trade, appropriate stop-loss settings should be considered.
In addition a ‘Three White Soldiers’ chart pattern is detected. The chart forms ‘Three White Soldiers’. which is a bullish pattern signal. The currency pair is likely to go up. 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 | 199.37100 |
| 2nd High | 198.94600 |
| Next High | 197.51500 |
| Current Price | 195.08400 |
| Next Low | 194.05400 |
| 2nd Low | 193.82700 |
| 3rd Low | 193.62500 |
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Three White Soldiers