GBP/JPY – 30M – BUYThe combination British Pound/Japanese Yen (GBP/JPY) breaks through the descending trendline upwards
The bullish trend upwards to the next resistance at 199.44000 is likely expected.
Caution: A possible reversal of the trend in the direction of the support level at 197.85400 is within the realm of possibility.
Please make appropriate stop-loss settings in the case of a trade.
Besides a ‘Northern Doji’ chart pattern is discovered. The chart forms ‘Northern Doji’. which is a positive pattern signal. The pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Northern Doji’ heading up is 52% (Bull Market) & 51% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 199.86100 |
| 2nd High | 199.85500 |
| Next High | 199.44000 |
| Current Price | 198.55400 |
| Next Low | 197.85400 |
| 2nd Low | 197.09900 |
| 3rd Low | 196.89600 |
199.44000 – 199.25000 – 199.85500 – 198.11900 – 197.85400 – 198.62600 — 55.946092842583 – 63.072969055273 — 98.543066129273 – 100 – 88.118624670349 – 96.025277404588
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Northern Doji – Double top retreat up – –