GBP/JPY – 1H – BUYCorrection of the major bullish trend halted around the Fibonacci 0.5-Level.Continuation of the current ascending trend is likely expected. Target of the current trend is 197.790724 at the Fibonacci level 0.24-Level. Caution: A possible change in the direction of the resistance line at 197.06600 should always be considered.
Consider stop-loss settings accordingly.
Besides a ‘Three Outside Up’ candle pattern is discovered. The candles form ‘Three Outside Up’. this is a bullish chart scenario. The pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Three Outside Up’ heading up is 75% (Bull Market) & 74% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 199.55300 |
| 2nd High | 198.94500 |
| Next High | 197.06600 |
| Current Price | 196.89000 |
| Next Low | 195.74500 |
| 2nd Low | 194.05400 |
| 3rd Low | 193.62500 |
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Three Outside Up