GBP/JPY – 1H – BUY

The combination British Pound/Japanese Yen (GBP/JPY) breaks through the ascending trendline upwards

A continuation of the bullish trend upwards to the next resistance line at 197.78100 is likely expected.

Caution: A possible counter-trend in the direction of support at 194.69900 could be enabled.
In case of a trade, appropriate stop-loss settings should be considered.

Correction of the major bullish trend halted around the Fibonacci 0-Level.Continuation of the current ascending trend is likely expected. Target of the current trend is 195.895 at the Fibonacci level 0-Level. Caution: A possible counter-trend in the direction of the resistance level at 197.78100 could be enabled.
In case of a trade, appropriate stop-loss settings should be considered.

Furthermore a ‘Three Outside Up’ candle chart pattern is found. The candles form ‘Three Outside Up’. which is a positive chart scenario. The pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Three Outside Up’ heading up is 75% (Bull Market) & 74% (Bear Market).

Download GBP/JPY Signal Image

Trading Signals: FOREX – GBP – GBP/JPY – JPY – Three Outside Up