GBP/JPY – 1H – BUYThe combination British Pound/Japanese Yen (GBP/JPY) breaks through the descending trendline upwards
The bullish trend up to the next resistance line at 191.52300 is considered certain.
Caution: A possible change in the direction of the support zone at 190.33800 could happen.
Consider stop-loss settings accordingly.
In addition a ‘Bullish Engulfing’ candlestick chart pattern is discovered. The chart forms ‘Bullish Engulfing’. which is a positive chart scenario. The pair is likely to go up. 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 | 192.46500 |
| 2nd High | 192.29800 |
| Next High | 191.52300 |
| Current Price | 191.51600 |
| Next Low | 190.33800 |
| 2nd Low | 188.07200 |
| 3rd Low |
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Bullish Engulfing