GBP/JPY – 1H – BUYThe currency pair British Pound/Japanese Yen (GBP/JPY) breaks through the bearish trendline up.
An ascending movement upwards to the next resistance at 196.14300 will continue.
Caution: A possible counter-trend in the direction of the support line at 194.29000 is within the realm of possibility.
Please make appropriate stop-loss settings in the case of a trade.
Correction of the major bearish trend broke through the Fibonacci 0.24-Level.Continuation of the current ascending trend will continue. Current target is 196.364 at the Fibonacci level 0.5-Level. Caution: A possible counter-trend in the direction of the resistance level at 196.14300 is within the realm of possibility.
Please make appropriate stop-loss settings in the case of a trade.
Also there is a ‘Three White Soldiers’ candle pattern is discovered. The candles form ‘Three White Soldiers’. this is a bullish signal. The currency pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Three White Soldiers’ heading up is 82%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 198.45500 |
| 2nd High | 198.43800 |
| Next High | 196.14300 |
| Current Price | 196.05600 |
| Next Low | 194.29000 |
| 2nd Low | 193.82600 |
| 3rd Low | 193.69800 |
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Three White Soldiers