GBP/JPY – 30M – BUYThe currency pair British Pound/Japanese Yen (GBP/JPY) moves from the bullish trendline down.
A descending movement down to the next support line at 192.44600 is considered certain.
Caution: A possible trend reversal in the direction of the resistance zone at 194.62100 should always be considered.
Please make appropriate stop-loss settings in the case of a trade.
Correction of the major bullish trend halted around the Fibonacci 0-Level.Continuation of the current ascending trend is considered certain. Target of the current trend is 194.103 at the Fibonacci level 0-Level. Caution: A possible trend reversal in the direction of the resistance zone at 194.62100 should always be considered.
Please make appropriate stop-loss settings in the case of a trade.
Moreover a ‘Three White Soldiers’ candlestick pattern is existing. The candles form ‘Three White Soldiers’. which is a positive signal. The currency pair is likely to rise. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Three White Soldiers’ going up is 82%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 196.41700 |
| 2nd High | 194.80200 |
| Next High | 194.62100 |
| Current Price | 194.28500 |
| Next Low | 192.44600 |
| 2nd Low | 190.59400 |
| 3rd Low | 190.33800 |
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Three White Soldiers