GBP/JPY – 30M – BUYThe combination British Pound/Japanese Yen (GBP/JPY) breaks through the bearish trendline upwards
A bullish ascent upwards to the next resistance at 199.516 is likely expected.
Caution: A possible change in the direction of the support level at 199.289 could be enabled.
In case of a trade, appropriate stop-loss settings should be considered.
In addition a ‘Bullish Engulfing’ chart pattern is found. The chart forms ‘Bullish Engulfing’. 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 ‘Bullish Engulfing’ going up is 63%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 199.87 |
| 2nd High | 199.8 |
| Next High | 199.516 |
| Current Price | 199.82500 |
| Next Low | 199.289 |
| 2nd Low | 198.786 |
| 3rd Low | 198.669 |
199.516 – 199.8 – 199.457 – 199.289 – 198.786 – 198.669 — 62.78832585741 – 64.591469602182 — 82.152266130833 – 82.138870283545 – 88.217076986122 – 84.663739425963
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Bullish Engulfing – – –