GBP/JPY – 1H – BUY

The pair British Pound/Japanese Yen (GBP/JPY) breaks through the ascending trendline upwards

A continuation of the uptrend up to the next resistance at 196.44100 is considered certain.

Caution: A possible counter-trend in the direction of the support level at 194.97500 could be enabled.
Consider stop-loss settings accordingly.

Furthermore a ‘Resistance Level’ indicator layout is found. The indicator is ‘Resistance Level’. which is often a bullish chart signal. The currency pair could go up.

Furthermore a ‘Northern Doji’ chart pattern is detected. The candles show ‘Northern Doji’. which is a bullish signal. The currency pair is likely to rise. 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).

196.23600 – 195.91800 – 196.44100 – 194.97500 – 193.75600 – 194.70800

Trading Signals: FOREX – GBP – GBP/JPY – JPY – Northern Doji