GBP/JPY – 30M – BUYThe currency pair British Pound/Japanese Yen (GBP/JPY) breaks through the descending trendline up.
A bullish ascent upwards to the next resistance level at 195.47000 will continue.
Caution: A possible reversal of the trend in the direction of the support level at 194.69900 is within the realm of possibility.
Consider stop-loss settings accordingly.
Then a ‘Three Outside Up’ candlestick chart pattern is discovered. The candles form ‘Three Outside Up’. which is a positive pattern 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’ going up is 75% (Bull Market) & 74% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 195.89500 |
| 2nd High | 195.79200 |
| Next High | 195.47000 |
| Current Price | 195.46200 |
| Next Low | 194.69900 |
| 2nd Low | 194.64900 |
| 3rd Low | 193.82700 |
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Three Outside Up