GBP/JPY – 30M – BUYThe combination British Pound/Japanese Yen (GBP/JPY) breaks through the ascending trendline up.
A continuation of the bullish trend upwards to the next resistance level at 197.40600 will continue.
Caution: A possible trend reversal in the direction of the support zone at 195.84100 is also possible.
In case of a trade, appropriate stop-loss settings should be considered.
Moreover a ‘Three Outside Up’ chart pattern is discovered. The chart forms ‘Three Outside Up’. which is a positive pattern signal. The currency pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Three Outside Up’ heading up is 75% (Bull Market) & 74% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 198.94600 |
| 2nd High | 197.51500 |
| Next High | 197.40600 |
| Current Price | 197.80900 |
| Next Low | 195.84100 |
| 2nd Low | 194.63800 |
| 3rd Low | 194.18900 |
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Three Outside Up