GBP/JPY – 1H – BUYThe combination British Pound/Japanese Yen (GBP/JPY) moves from the descending trendline upwards
A bullish trend upwards to the next resistance level at 191.54900 will continue.
Caution: A possible counter-trend in the direction of the support level at 190.52500 should be noted.
Please make appropriate stop-loss settings in the case of a trade.
Moreover a ‘Latter Bottom’ chart pattern is discovered. The candles form ‘Latter Bottom’. which is a bullish signal. The pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Latter Bottom’ heading up is 56% (Bull Market) & 51% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 193.66300 |
| 2nd High | 191.71600 |
| Next High | 191.54900 |
| Current Price | 190.64300 |
| Next Low | 190.52500 |
| 2nd Low | 189.29800 |
| 3rd Low | 188.19900 |
191.54900 – 191.71600 – 190.30800 – 190.52500 – 190.66000 – 189.29800
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Latter Bottom