GBP/JPY – 30M – BUY

The combination British Pound/Japanese Yen (GBP/JPY) breaks through the descending trendline upwards

A bullish movement up to the next resistance line at 199.85500 is likely expected.

Caution: A possible counter-trend in the direction of the support line at 198.90600 should always be considered.
In case of a trade, appropriate stop-loss settings should be considered.

In addition a ‘Northern Doji’ candle pattern is found. The candles form ‘Northern Doji’. which is a positive pattern signal. The currency 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).

199.85500 – 199.86100 – 200.26400 – 199.24400 – 199.37400 – 198.90600 — 42.887349725939 – 45.710161746853 — 45.835829090546 – 78.844713986223 – 19.894049266306 – 45.897575363578

Trading Signals: FOREX – GBP – GBP/JPY – JPY – Northern Doji – Double top retreat up – –