GBP/JPY – 4H – BUYThe combination British Pound/Japanese Yen (GBP/JPY) breaks through the bearish trendline up.
The bullish trend upwards to the next resistance level at 193.74200 is expected.
Caution: A possible change in the direction of the support level at 190.31400 could happen.
Consider stop-loss settings accordingly.
Moreover a ‘Northern Doji’ candlestick chart pattern is detected. The candles show ‘Northern Doji’. 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 probability of ‘Northern Doji’ going up is 52% (Bull Market) & 51% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 195.96900 |
| 2nd High | 195.76700 |
| Next High | 193.74200 |
| Current Price | 193.33400 |
| Next Low | 190.31400 |
| 2nd Low | 189.97500 |
| 3rd Low | 187.46000 |
193.74200 – 191.71600 – 189.65200 – 190.31400 – 189.97500 – 187.46000
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Northern Doji