GBP/JPY – 1H – BUY

The combination British Pound/Japanese Yen (GBP/JPY) breaks through the bearish trendline up.

A bullish ascent upwards to the next resistance line at 199.44000 is certain.

Caution: A possible counter-trend in the direction of the support level at 197.85400 is within the realm of possibility.
Consider stop-loss settings accordingly.

Correction of the major bearish trend broke the Fibonacci 0.5-Level.Continuation of the current ascending trend is certain. Current target is 199.74826 at the Fibonacci level 0.79-Level. Caution: A possible counter-trend in the direction of the resistance line at 199.44000 is within the realm of possibility.
Consider stop-loss settings accordingly.

And also a ‘Northern Doji’ chart pattern is detected. The candles form ‘Northern Doji’. this is a bullish pattern signal. The pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Northern Doji’ going up is 52% (Bull Market) & 51% (Bear Market).

199.22600 – 199.44000 – 199.85500 – 197.85400 – 199.37400 – 198.90600 — 58.452758874682 – 62.638182754455 — 52.613902098341 – 71.643360484643 – 51.27621618511 – 58.279580017892

Trading Signals: FOREX – GBP – GBP/JPY – JPY – Northern Doji – Double bottom chart pattern – –