GBP/JPY – 30M – BUYThe combination British Pound/Japanese Yen (GBP/JPY) breaks through the descending trendline up.
An ascent up to the next resistance at 199.80000 is certain.
Caution: A possible trend reversal in the direction of the support level at 198.786 could occur.
In case of a trade, appropriate stop-loss settings should be considered.
Then a ‘Northern Doji’ chart pattern is detected. The candles form ‘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 chance of ‘Northern Doji’ heading up is 52% (Bull Market) & 51% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 200.142 |
| 2nd High | 199.87 |
| Next High | 199.80000 |
| Current Price | 199.41800 |
| Next Low | 198.786 |
| 2nd Low | 198.669 |
| 3rd Low | 198.267 |
199.80000 – 199.457 – 199.87 – 198.786 – 198.669 – 198.267 — 42.40438690125 – 43.572249911204 — 3.4647779479326 – 8.8023226135783 – 3.3681376738082 – 4.0890335205037
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Northern Doji – – –