GBP/JPY – 1H – BUYThe currency pair British Pound/Japanese Yen (GBP/JPY) breaks through the descending trendline up.
An ascent upwards to the next resistance line at 189.82100 is considered certain.
Caution: A possible change in the direction of the support level at 186.57400 could happen.
Consider stop-loss settings accordingly.
In addition a ‘Three Outside Up’ chart pattern is discovered. The candles show ‘Three Outside Up’. which is a bullish chart scenario. The pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Three Outside Up’ going up is 75% (Bull Market) & 74% (Bear Market).
In addition a ‘Resistance Level’ indicator signal is discovered. The indicator is ‘Resistance Level’. which could be a positive chart scenario. The currency pair could go up.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 193.66300 |
| 2nd High | 190.08600 |
| Next High | 189.82100 |
| Current Price | 188.83600 |
| Next Low | 186.57400 |
| 2nd Low | 186.02000 |
| 3rd Low | 184.37000 |
188.52000 – 189.82100 – 188.94100 – 186.57400 – 186.02000 – 184.37000
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Three Outside Up