GBP/JPY – 1H – BUYThe combination British Pound/Japanese Yen (GBP/JPY) breaks through the ascending trendline up.
A continuation of the bullish trend up to the next resistance line at 193.66300 is considered certain.
Caution: A possible reversal of the trend in the direction of the support level at 189.29800 is also possible.
In the case of a trade, always set appropriate stop-loss settings.
Furthermore a ‘Northern Doji’ candle pattern is discovered. The chart shows ‘Northern Doji’. which is a positive chart scenario. The currency pair is likely to rise. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Northern Doji’ heading up is 52% (Bull Market) & 51% (Bear Market).
Furthermore a ‘Resistance Level’ indicator layout is discovered. The indicator shows ‘Resistance Level’. this is usually a bullish chart signal. The currency pair is likely to rise.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 195.96900 |
| 2nd High | 195.76700 |
| Next High | 193.66300 |
| Current Price | 190.38200 |
| Next Low | 189.29800 |
| 2nd Low | 188.19900 |
| 3rd Low | 187.46000 |
190.30800 – 189.95600 – 188.76800 – 189.29800 – 188.19900 – 187.46000
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Northern Doji