GBP/JPY – 1H – SELLThe currency pair British Pound/Japanese Yen (GBP/JPY) jumps from the ascending trendline down.
A bearish movement down to the next support line at 192.44600 is likely expected.
Caution: A possible trend reversal in the direction of resistance at 194.62100 could be enabled.
In the case of a trade, always set appropriate stop-loss settings.
In addition a ‘Bearish Engulfing’ chart pattern is found. The candles form ‘Bearish Engulfing’. which is a negative pattern signal. The pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Bearish Engulfing’ going down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 197.78100 |
| 2nd High | 194.80200 |
| Next High | 194.62100 |
| Current Price | 193.51300 |
| Next Low | 192.44600 |
| 2nd Low | 190.59400 |
| 3rd Low | 190.33800 |
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Bearish Engulfing