GBP/JPY – 30M – BUYThe pair British Pound/Japanese Yen (GBP/JPY) breaks through the descending trendline up.
An ascending movement upwards to the next resistance at 191.54900 is considered certain.
Caution: A possible trend reversal in the direction of the support line at 190.52500 should always be considered.
Consider stop-loss settings accordingly.
Correction of the major bullish trend halted around the Fibonacci 0.24-Level.Continuation of the current ascending trend is considered certain. Current target is 191.716 at the Fibonacci level 0-Level. Caution: A possible trend reversal in the direction of the resistance line at 191.54900 should always be considered.
Consider stop-loss settings accordingly.
Furthermore a ‘Northern Doji’ chart pattern is discovered. The candles show ‘Northern Doji’. this is a bullish signal. The pair is likely to go up. 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 scenario. The currency pair could go up.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 191.75400 |
| 2nd High | 191.71600 |
| Next High | 191.54900 |
| Current Price | 191.25200 |
| Next Low | 190.52500 |
| 2nd Low | 189.31200 |
| 3rd Low | 189.29800 |
191.18100 – 191.54900 – 191.71600 – 190.52500 – 190.66000 – 189.31200
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Northern Doji