GBP/JPY – 1H – BUYCorrection of the major bearish trend broke the Fibonacci 0.5-Level.Continuation of the current ascending trend is certain. Current target is 197.928002 at the Fibonacci level 0.79-Level. Caution: A possible counter-trend in the direction of the resistance zone at 197.51500 is within the realm of possibility.
In the case of a trade, always set appropriate stop-loss settings.
Moreover a ‘Three Outside Up’ candlestick chart pattern is found. The chart forms ‘Three Outside Up’. which is a bullish chart scenario. The currency pair is likely to rise. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Three Outside Up’ heading up is 75% (Bull Market) & 74% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 199.55300 |
| 2nd High | 198.94600 |
| Next High | 197.51500 |
| Current Price | 197.02400 |
| Next Low | 194.63800 |
| 2nd Low | 194.18900 |
| 3rd Low | 194.05400 |
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Three Outside Up