GBP/JPY – 4H – BUYThe currency pair British Pound/Japanese Yen (GBP/JPY) breaks through the bearish trendline upwards
A bullish ascent upwards to the next resistance at 199.53100 will continue.
Caution: A possible counter-trend in the direction of support at 197.85400 should always be considered.
In case of a trade, appropriate stop-loss settings should be considered.
Also there is a ‘Exponential Moving Average 50 (EMA 50)’ indicator signal is found. The indicator shows ‘Exponential Moving Average 50 (EMA 50)’. which could be a positive chart scenario. The currency pair is likely to rise.
Also there is a ‘Resistance Level’ indicator signal is discovered. The indicator shows ‘Resistance Level’. which is often a bullish signal. The currency pair could go up.
Correction of the major bullish trend halted around the Fibonacci 0.24-Level.Continuation of the current ascending trend will continue. Current target is 200.264 at the Fibonacci level 0-Level. Caution: A possible counter-trend in the direction of resistance at 199.53100 should always be considered.
In case of a trade, appropriate stop-loss settings should be considered.
Also there is a ‘Northern Doji’ candlestick pattern is detected. The chart forms ‘Northern Doji’. this 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).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | 200.26400 |
| Next High | 199.53100 |
| Current Price | 198.86300 |
| Next Low | 197.85400 |
| 2nd Low | 195.35600 |
| 3rd Low | 194.01200 |
199.53100 – 200.26400 – 200.16100 – 197.85400 – 195.35600 – 194.01200 — 49.846252536064 – 50.722680947508 — 57.194020422147 – 78.56271695281 – 47.952328785353 – 61.198824552778
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Northern Doji – Rising Wedge Chart Pattern – –