GBP/JPY – 1H – BUYThe currency pair British Pound/Japanese Yen (GBP/JPY) moves from the ascending trendline up.
A continuation of the uptrend up to the next resistance level at 190.30800 will continue.
Caution: A possible trend reversal in the direction of support at 189.29800 should always be considered.
Consider stop-loss settings accordingly.
Besides a ‘Three Outside Up’ candle pattern is discovered. The candles show ‘Three Outside Up’. 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 ‘Three Outside Up’ heading up is 75% (Bull Market) & 74% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 195.76700 |
| 2nd High | 193.66300 |
| Next High | 190.30800 |
| Current Price | 190.12300 |
| Next Low | 189.29800 |
| 2nd Low | 188.19900 |
| 3rd Low | 187.46000 |
190.30800 – 189.95600 – 188.76800 – 189.29800 – 188.19900 – 187.46000
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Three Outside Up