GBP/JPY – 30M – BUY

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

An ascending movement upwards to the next resistance at 199.53100 is certain.

Caution: A possible reversal of the trend in the direction of the support zone at 198.31600 is within the realm of possibility.
In case of a trade, appropriate stop-loss settings should be considered.

Correction of the major bearish trend broke the Fibonacci 0.24-Level.Continuation of the current ascending trend is certain. Current target is 198.9235 at the Fibonacci level 0.5-Level. Caution: A possible reversal of the trend in the direction of the resistance zone at 199.53100 is within the realm of possibility.
In case of a trade, appropriate stop-loss settings should be considered.

Furthermore a ‘Northern Doji’ candlestick pattern is detected. The candles show ‘Northern Doji’. which is a bullish pattern 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).

199.53100 – 199.31800 – 199.22600 – 198.31600 – 198.84800 – 198.75400 — 44.321168267256 – 49.995289696195 — 64.941445934464 – 80.165502973882 – 68.924812681607 – 71.215535606536

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