GBP/JPY – 1H – BUYThe combination British Pound/Japanese Yen (GBP/JPY) breaks through the ascending trendline up.
A continuation of the upward movement up to the next resistance line at 193.40600 is considered certain.
Caution: A possible counter-trend in the direction of the support level at 190.59400 could happen.
In case of a trade, appropriate stop-loss settings should be considered.
Next a ‘Three White Soldiers’ candle chart pattern is detected. The chart forms ‘Three White Soldiers’. 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 chance of ‘Three White Soldiers’ heading up is 82%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 194.62100 |
| 2nd High | 193.72400 |
| Next High | 193.40600 |
| Current Price | 193.56300 |
| Next Low | 190.59400 |
| 2nd Low | 190.33800 |
| 3rd Low | 188.07200 |
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Three White Soldiers