GBP/JPY – 1H – BUY

Correction of the major bullish trend halted around the Fibonacci 0.5-Level.Continuation of the current ascending trend will continue. Current target is 194.389616 at the Fibonacci level 0.24-Level. Caution: A possible trend reversal in the direction of the resistance level at 194.45500 should always be considered.
In case of a trade, appropriate stop-loss settings should be considered.

Also there is a ‘Inverted Hammer’ candle pattern is found. The chart forms ‘Inverted Hammer’. which is a bullish signal. The currency pair is likely to rise. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Inverted Hammer’ going up is 65% (Bull Market).

Download GBP/JPY Signal Image

Trading Signals: FOREX – GBP – GBP/JPY – JPY – Inverted Hammer