GBP/JPY – 30M – BUYThe combination British Pound/Japanese Yen (GBP/JPY) breaks through the bullish trendline up.
A continuation of the uptrend up to the next resistance level at 207.163 will persist.
Caution: A possible reversal of the trend in the direction of the support zone at 206.423 could happen.
Consider stop-loss settings accordingly.
Furthermore a ‘Bullish Engulfing’ candlestick chart pattern is existing. The candles show ‘Bullish Engulfing’. which is a bullish signal. The currency pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Bullish Engulfing’ heading up is 63%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | |
| Next High | 207.163 |
| Current Price | 206.62100 |
| Next Low | 206.423 |
| 2nd Low | 205.504 |
| 3rd Low | 205.296 |
207.163 – 205.985 – 205.605 – 206.423 – 205.504 – 205.296 —
206.84800 – 206.72900 —
50.829069232849 – 43.989560932492 —
– —
207.16300 – 1764199800
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Bullish Engulfing – – – – – – – – –