GBP/JPY – 30M – BUY

The pair British Pound/Japanese Yen (GBP/JPY) jumps from the descending trendline upwards

A bullish trend upwards to the next resistance level at 198.74400 is likely expected.

Caution: A possible counter-trend in the direction of support at 197.21000 is within the realm of possibility.
In case of a trade, appropriate stop-loss settings should be considered.

Also there is a ‘Support Level’ indicator layout is detected. The indicator shows ‘Support Level’. which is often a bullish chart scenario. The currency pair is likely to rise.

Correction of the major bearish trend broke through the Fibonacci 0.24-Level.Continuation of the current ascending trend is likely expected. Target of the current trend is 198.005 at the Fibonacci level 0.5-Level. Caution: A possible counter-trend in the direction of the resistance zone at 198.74400 is within the realm of possibility.
In case of a trade, appropriate stop-loss settings should be considered.

Also there is a ‘Northern Doji’ candle pattern is existing. The candles form ‘Northern Doji’. which is a positive signal. The pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Northern Doji’ going up is 52% (Bull Market) & 51% (Bear Market).

198.74400 – 198.80000 – 198.52800 – 197.21000 – 197.74400 – 198.10700

Trading Signals: FOREX – GBP – GBP/JPY – JPY – Northern Doji – Rising Wedge Chart Pattern