GBP/JPY – 4H – BUYThe pair British Pound/Japanese Yen (GBP/JPY) goes from the descending trendline upwards
An ascending movement upwards to the next resistance line at 197.78100 will persist.
Caution: A possible change in the direction of the support line at 188.07200 could occur.
Consider stop-loss settings accordingly.
Correction of the major bearish trend broke the Fibonacci 0.24-Level.Continuation of the current ascending trend will persist. Target of the current trend is 193.8905 at the Fibonacci level 0.5-Level. Caution: A possible change in the direction of the resistance line at 197.78100 could occur.
Consider stop-loss settings accordingly.
Also there is a ‘Three Outside Up’ candle pattern is existing. The chart forms ‘Three Outside Up’. which is a bullish pattern signal. The pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Three Outside Up’ going up is 75% (Bull Market) & 74% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 199.55300 |
| 2nd High | 198.43800 |
| Next High | 197.78100 |
| Current Price | 192.34400 |
| Next Low | 188.07200 |
| 2nd Low | |
| 3rd Low |
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Three Outside Up