GBP/JPY – 1H – BUY

The combination British Pound/Japanese Yen (GBP/JPY) breaks through the descending trendline up.

A bullish movement upwards to the next resistance level at 212.157 is certain.

Caution: A possible change in the direction of the support zone at 210.038 should be noted.
Please make appropriate stop-loss settings in the case of a trade.

Next a ‘Exponential Moving Average 200 (EMA 200)’ indicator layout is existing. The indicator shows ‘Exponential Moving Average 200 (EMA 200)’. which is often a bullish chart scenario. The pair is likely to go up.

Next a ‘Resistance Level’ indicator signal is detected. The indicator shows ‘Resistance Level’. which could be a positive signal. The currency pair is likely to rise.

Correction of the major bullish trend halted around the Fibonacci 0.24-Level.Continuation of the current ascending trend is certain. Target of the current trend is 212.157 at the Fibonacci level 0-Level. Caution: A possible change in the direction of the resistance line at 212.157 should be noted.
Please make appropriate stop-loss settings in the case of a trade.

Next a ‘Bullish Engulfing’ candlestick pattern is existing. The chart forms ‘Bullish Engulfing’. which is a bullish signal. The currency pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Bullish Engulfing’ heading up is 63%.

212.157 – 212.022 – 211.215 – 210.038 – 211.321 – 210.063 —
211.67500 – 211.95400 —
54.370406399992 – 59.867621704818 —
– —
212.15700 – 1769680800

Trading Signals: FOREX – GBP – GBP/JPY – JPY – Bullish Engulfing – Double bottom chart pattern – – – – – – – –