GBP/JPY – 30M – BUYThe currency pair British Pound/Japanese Yen (GBP/JPY) moves from the descending trendline up.
A bullish movement upwards to the next resistance line at 187.14800 will continue.
Caution: A possible counter-trend in the direction of the support level at 185.70900 is within the realm of possibility.
Consider stop-loss settings accordingly.
Next a ‘Tweezers Bottom’ candle chart pattern is found. The candles form ‘Tweezers Bottom’. which is a positive pattern signal. The currency pair is likely to rise. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Tweezers Bottom’ going up is 52% (Bull Market) & 56% (Bear Market).
Next a ‘Support Level’ indicator layout is existing. The indicator shows ‘Support Level’. which is often a bullish signal. The pair is likely to go up.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 188.94100 |
| 2nd High | 188.74900 |
| Next High | 187.14800 |
| Current Price | 186.39000 |
| Next Low | 185.70900 |
| 2nd Low | |
| 3rd Low |
187.14800 – 188.74900 – 188.94100 – 185.70900 – 187.24100 – 187.88300
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Tweezers Bottom