GBP/JPY – 30M – BUYThe combination British Pound/Japanese Yen (GBP/JPY) breaks through the bearish trendline upwards
An ascent up to the next resistance level at 197.55000 is considered certain.
Caution: A possible change in the direction of the support line at 196.94200 should be noted.
Consider stop-loss settings accordingly.
Moreover a ‘Support Level’ indicator layout is discovered. The indicator shows ‘Support Level’. this is usually a bullish chart signal. The currency pair could go up.
Moreover a ‘Bullish Tri-Star’ candlestick pattern is existing. The candles show ‘Bullish Tri-Star’. this is a bullish signal. The currency pair is likely to rise. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Bullish Tri-Star’ going up is 60% (Bull Market) & 55% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 198.00400 |
| 2nd High | 197.74800 |
| Next High | 197.55000 |
| Current Price | 197.29900 |
| Next Low | 196.94200 |
| 2nd Low | 196.27200 |
| 3rd Low | 196.15200 |
197.55000 – 197.74800 – 198.00400 – 196.94200 – 196.27200 – 197.18400
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Bullish Tri-Star – Rising Wedge Chart Pattern