GBP/JPY – 1H – BUYThe currency pair British Pound/Japanese Yen (GBP/JPY) breaks through the bearish trendline upwards
An ascending movement upwards to the next resistance at 197.40600 is considered certain.
Caution: A possible reversal of the trend in the direction of the support zone at 195.84100 should always be considered.
Consider stop-loss settings accordingly.
Furthermore a ‘Shooting Star’ candlestick chart pattern is existing. The chart shows ‘Shooting Star’. which is a bearish pattern signal. The currency pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Shooting Star’ going down is 59% (Bull Market) & 60% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 198.94600 |
| 2nd High | 197.51500 |
| Next High | 197.40600 |
| Current Price | 197.32200 |
| Next Low | 195.84100 |
| 2nd Low | 194.63800 |
| 3rd Low | 194.18900 |
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Shooting Star