GBP/JPY – 1H – BUYThe combination British Pound/Japanese Yen (GBP/JPY) jumps from the bullish trendline up.
A continuation of the bullish trend up to the next resistance at 211.75 will persist.
Caution: A possible trend reversal in the direction of the support level at 210.296 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 through the Fibonacci 0.24-Level.Continuation of the current ascending trend will persist. Target of the current trend is 211.1985 at the Fibonacci level 0.5-Level. Caution: A possible trend reversal in the direction of the resistance zone at 211.75 is within the realm of possibility.
In case of a trade, appropriate stop-loss settings should be considered.
Additionally a ‘Northern Doji’ chart pattern is discovered. The chart forms ‘Northern Doji’. which is a bullish pattern signal. The 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 | 212.146 |
| Next High | 211.75 |
| Current Price | 210.87700 |
| Next Low | 210.296 |
| 2nd Low | 210.251 |
| 3rd Low | 210.038 |
211.75 – 212.146 – 211.437 – 210.296 – 210.502 – 210.251 —
210.82000 – 210.70300 —
42.487861628141 – 39.996774199485 —
– —
211.75000 – 1767758400
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Northern Doji – Double bottom retreat down – – – – – – – –