GBP/JPY – 1H – BUYThe pair British Pound/Japanese Yen (GBP/JPY) jumps from the bullish trendline up.
A continuation of the upward movement upwards to the next resistance at 198.94600 is considered certain.
Caution: A possible counter-trend in the direction of the support line at 196.31600 is within the realm of possibility.
Consider stop-loss settings accordingly.
Correction of the major bearish trend broke the Fibonacci 0-Level.Continuation of the current ascending trend is considered certain. Current target is 196.93668 at the Fibonacci level 0.24-Level. Caution: A possible counter-trend in the direction of the resistance level at 198.94600 is within the realm of possibility.
Consider stop-loss settings accordingly.
And also a ‘Three Outside Up’ candle chart pattern is discovered. The chart forms ‘Three Outside Up’. this 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 ‘Three Outside Up’ heading up is 75% (Bull Market) & 74% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | 199.55300 |
| Next High | 198.94600 |
| Current Price | 196.83300 |
| Next Low | 196.31600 |
| 2nd Low | 195.74500 |
| 3rd Low | 194.05400 |
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Three Outside Up