GBP/JPY – 1H – BUYThe combination British Pound/Japanese Yen (GBP/JPY) breaks through the descending trendline up.
An ascending movement upwards to the next resistance line at 199.53100 is expected.
Caution: A possible counter-trend in the direction of the support level at 197.85400 should always be considered.
Consider stop-loss settings accordingly.
In addition a ‘Bullish Belt Hold’ chart pattern is detected. The candles show ‘Bullish Belt Hold’. which is a bullish pattern signal. The currency pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Bullish Belt Hold’ heading up is 71% (Bull Market) & 71% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 200.26400 |
| 2nd High | 199.85500 |
| Next High | 199.53100 |
| Current Price | 198.76500 |
| Next Low | 197.85400 |
| 2nd Low | 196.89600 |
| 3rd Low | 195.35600 |
199.53100 – 199.22600 – 199.44000 – 197.85400 – 199.37400 – 198.90600 — 38.883574991109 – 47.090080889193 — 26.384979748747 – 32.510697695705 – 24.789287811873 – 29.207569620832
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Bullish Belt Hold – Double top retreat up – –