GBP/JPY – 30M – BUYThe currency pair British Pound/Japanese Yen (GBP/JPY) breaks through the bearish trendline up.
A bullish movement upwards to the next resistance at 199.531 will persist.
Caution: A possible change in the direction of support at 198.267 is also possible.
In case of a trade, appropriate stop-loss settings should be considered.
Besides a ‘Northern Doji’ candlestick chart pattern is discovered. The candles form ‘Northern Doji’. this is a bullish chart scenario. The currency pair is likely to rise. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Northern Doji’ heading up is 52% (Bull Market) & 51% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 199.861 |
| 2nd High | 199.855 |
| Next High | 199.531 |
| Current Price | 198.47000 |
| Next Low | 198.267 |
| 2nd Low | 198.119 |
| 3rd Low | 197.854 |
198.657 – 198.813 – 199.132 – 198.267 – 198.281 – 198.459 — 32.837542372909 – 34.252917523486 — 9.8626338890595 – 19.518572077459 – 12.953519475634 – 14.583630647758
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Northern Doji – Double bottom retreat down – –