GBP/JPY – 1H – BUYThe combination British Pound/Japanese Yen (GBP/JPY) breaks through the descending trendline up.
An ascent upwards to the next resistance line at 197.40600 is likely expected.
Caution: A possible reversal of the trend in the direction of the support line at 195.84100 could be enabled.
Please make appropriate stop-loss settings in the case of a trade.
Furthermore a ‘Three White Soldiers’ candle pattern is existing. The chart shows ‘Three White Soldiers’. 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 ‘Three White Soldiers’ going up is 82%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 198.94600 |
| 2nd High | 197.51500 |
| Next High | 197.40600 |
| Current Price | 198.19200 |
| Next Low | 195.84100 |
| 2nd Low | 194.63800 |
| 3rd Low | 194.18900 |
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Three White Soldiers