GBP/JPY – 4H – BUYThe combination British Pound/Japanese Yen (GBP/JPY) breaks through the descending trendline upwards
An ascending movement up to the next resistance line at 199.53100 is considered certain.
Caution: A possible reversal of the trend in the direction of support at 197.85400 could happen.
In case of a trade, appropriate stop-loss settings should be considered.
Furthermore a ‘Northern Doji’ candlestick pattern is existing. The chart forms ‘Northern Doji’. this is a bullish signal. The pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Northern Doji’ heading up is 52% (Bull Market) & 51% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | 200.26400 |
| Next High | 199.53100 |
| Current Price | 198.74100 |
| Next Low | 197.85400 |
| 2nd Low | 195.35600 |
| 3rd Low | 194.01200 |
199.53100 – 200.26400 – 200.16100 – 197.85400 – 195.35600 – 194.01200 — 47.836783923453 – 48.733896392361 — 48.337709527547 – 54.56208260576 – 45.033451148017 – 47.391148595258
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Northern Doji – Rising Wedge Chart Pattern – –