GBP/JPY – 30M – BUYCorrection of the major bullish trend halted around the Fibonacci 0.24-Level.Continuation of the current ascending trend is expected. Current target is 193.406 at the Fibonacci level 0-Level. Caution: A possible counter-trend in the direction of resistance at 193.14400 should be noted.
Consider stop-loss settings accordingly.
There is also a ‘Three Outside Up’ candlestick chart pattern is existing. The candles form ‘Three Outside Up’. which is a bullish signal. The currency pair is likely to rise. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Three Outside Up’ heading up is 75% (Bull Market) & 74% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 193.72400 |
| 2nd High | 193.40600 |
| Next High | 193.14400 |
| Current Price | 192.93800 |
| Next Low | 190.59400 |
| 2nd Low | 190.33800 |
| 3rd Low | 189.35000 |
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Three Outside Up