GBP/JPY – 1H – BUYThe currency pair British Pound/Japanese Yen (GBP/JPY) breaks through the ascending trendline upwards
A continuation of the uptrend up to the next resistance line at 200.264 will persist.
Caution: A possible reversal of the trend in the direction of the support level at 199.9 could happen.
In case of a trade, appropriate stop-loss settings should be considered.
Moreover a ‘Northern Doji’ chart pattern is detected. The candles show ‘Northern Doji’. this is a bullish signal. The currency pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Northern Doji’ going up is 52% (Bull Market) & 51% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | |
| Next High | 200.264 |
| Current Price | 200.29100 |
| Next Low | 199.9 |
| 2nd Low | 199.658 |
| 3rd Low | 199.289 |
199.8 – 200.142 – 199.132 – 199.9 – 199.658 – 199.289 — 60.782095857765 – 60.935966655758 — 67.931717576748 – 74.98985801217 – 67.766783264839 – 69.119241451521
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Northern Doji – Rising Wedge Chart Pattern – –