GBP/JPY – 1H – BUYCorrection of the major bullish trend halted around the Fibonacci 0.24-Level.Continuation of the current ascending trend is certain. Current target is 191.523 at the Fibonacci level 0-Level. Caution: A possible counter-trend in the direction of the resistance line at 191.52300 could occur.
Consider stop-loss settings accordingly.
Additionally a ‘Above the Stomach’ candle pattern is existing. The candles form ‘Above the Stomach’. which is a bullish signal. The currency pair is likely to rise. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Above the Stomach’ heading up is 66% (Bull Market) & 67% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 192.46500 |
| 2nd High | 192.29800 |
| Next High | 191.52300 |
| Current Price | 191.11900 |
| Next Low | 188.07200 |
| 2nd Low | 186.68500 |
| 3rd Low | 185.81900 |
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Above the Stomach