GBP/JPY – 4H – BUYThe currency pair British Pound/Japanese Yen (GBP/JPY) jumps from the ascending trendline up.
A continuation of the uptrend upwards to the next resistance level at 206.852 is likely expected.
Caution: A possible counter-trend in the direction of the support line at 204.284 could occur.
In case of a trade, appropriate stop-loss settings should be considered.
Additionally a ‘Northern Doji’ candlestick pattern is discovered. The candles form ‘Northern Doji’. which is a bullish chart scenario. The currency 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).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | |
| Next High | 206.852 |
| Current Price | 205.87000 |
| Next Low | 204.284 |
| 2nd Low | 202.34 |
| 3rd Low | 199.058 |
206.852 – 204.063 – 203.258 – 204.284 – 202.34 – 199.058 —
205.50900 – 205.55800 —
53.608317611062 – 54.511416970987 —
– —
206.85200 – 1763654400
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Northern Doji – Double bottom chart pattern – – – – – – – –