GBP/JPY – 30M – BUYThe combination British Pound/Japanese Yen (GBP/JPY) breaks through the descending trendline up.
An ascending movement up to the next resistance level at 194.45500 is considered certain.
Caution: A possible change in the direction of support at 193.63600 is also possible.
Please make appropriate stop-loss settings in the case of a trade.
Besides a ‘Three Outside Up’ candlestick chart pattern is found. The candles form ‘Three Outside Up’. which is a bullish pattern signal. The currency pair is likely to go up. 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 | 196.41700 |
| 2nd High | 194.99000 |
| Next High | 194.45500 |
| Current Price | 194.49200 |
| Next Low | 193.63600 |
| 2nd Low | 192.85100 |
| 3rd Low | 192.51300 |
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Three Outside Up