GBP/JPY – 30M – BUYThe pair British Pound/Japanese Yen (GBP/JPY) breaks through the ascending trendline upwards
A continuation of the upward movement up to the next resistance at 198.94500 is certain.
Caution: A possible change in the direction of the support level at 197.20500 is within the realm of possibility.
In the case of a trade, always set appropriate stop-loss settings.
Also there is a ‘Bullish Engulfing’ candlestick chart pattern is found. The candles form ‘Bullish Engulfing’. which is a bullish pattern signal. The currency pair is likely to rise. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Bullish Engulfing’ going up is 63%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 199.55300 |
| 2nd High | 199.37100 |
| Next High | 198.94500 |
| Current Price | 198.63600 |
| Next Low | 197.20500 |
| 2nd Low | 197.01500 |
| 3rd Low | 196.78300 |
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Bullish Engulfing