GBP/JPY – 4H – BUYThe currency pair British Pound/Japanese Yen (GBP/JPY) breaks through the descending trendline up.
A bullish trend upwards to the next resistance level at 194.20600 will continue.
Caution: A possible counter-trend in the direction of support at 191.89200 could happen.
Consider stop-loss settings accordingly.
There is also a ‘Exponential Moving Average 200 (EMA 200)’ indicator layout is existing. The indicator is ‘Exponential Moving Average 200 (EMA 200)’. this is usually a bullish signal. The pair is likely to go up.
There is also a ‘Northern Doji’ candle chart pattern is detected. The chart shows ‘Northern Doji’. 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 ‘Northern Doji’ heading up is 52% (Bull Market) & 51% (Bear Market).
There is also a ‘Support Level’ indicator layout is discovered. The indicator shows ‘Support Level’. this is usually a bullish chart signal. The currency pair is likely to rise.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | 196.40500 |
| Next High | 194.20600 |
| Current Price | 192.93600 |
| Next Low | 191.89200 |
| 2nd Low | 190.31400 |
| 3rd Low | 189.97500 |
194.20600 – 196.40500 – 193.74200 – 191.89200 – 192.76600 – 190.31400
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Northern Doji