GBP/JPY – 1H – BUYThe combination British Pound/Japanese Yen (GBP/JPY) moves from the ascending trendline upwards
A continuation of the uptrend upwards to the next resistance line at 198.94600 is likely expected.
Caution: A possible counter-trend in the direction of support at 196.31600 could happen.
In the case of a trade, always set appropriate stop-loss settings.
Then a ‘Bullish Engulfing’ candle chart pattern is found. The candles form ‘Bullish Engulfing’. 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 likelyhood of ‘Bullish Engulfing’ going up is 63%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | 199.55300 |
| Next High | 198.94600 |
| Current Price | 196.89200 |
| Next Low | 196.31600 |
| 2nd Low | 195.74500 |
| 3rd Low | 194.05400 |
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Bullish Engulfing