GBP/JPY – 1H – BUYThe pair British Pound/Japanese Yen (GBP/JPY) breaks through the ascending trendline upwards
A continuation of the bullish trend up to the next resistance level at 193.74200 will continue.
Caution: A possible counter-trend in the direction of the support zone at 192.34300 could occur.
In case of a trade, appropriate stop-loss settings should be considered.
Next a ‘Three White Soldiers’ candlestick pattern is found. The chart forms ‘Three White Soldiers’. which is a bullish chart scenario. The currency pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Three White Soldiers’ going up is 82%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 195.96900 |
| 2nd High | 195.76700 |
| Next High | 193.74200 |
| Current Price | 194.78500 |
| Next Low | 192.34300 |
| 2nd Low | 190.65700 |
| 3rd Low | 190.31400 |
193.49300 – 191.66300 – 192.62900 – 192.34300 – 190.65700 – 190.31400
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Three White Soldiers