GBP/JPY – 1H – BUYThe combination British Pound/Japanese Yen (GBP/JPY) breaks through the descending trendline up.
A bullish trend up to the next resistance line at 197.51500 is likely expected.
Caution: A possible reversal of the trend in the direction of the support zone at 194.63800 should always be considered.
Consider stop-loss settings accordingly.
Additionally a ‘Three White Soldiers’ candlestick pattern is found. The chart forms ‘Three White Soldiers’. which is a bullish signal. The pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Three White Soldiers’ heading up is 82%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 199.55300 |
| 2nd High | 198.94600 |
| Next High | 197.51500 |
| Current Price | 195.86900 |
| Next Low | 194.63800 |
| 2nd Low | 194.18900 |
| 3rd Low | 194.05400 |
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Three White Soldiers