GBP/JPY – 1H – SELLThe currency pair British Pound/Japanese Yen (GBP/JPY) jumps from the bearish trendline down.
A continuation of the bearish trend down to the next support line at 196.59900 will continue.
Caution: A possible trend reversal in the direction of the resistance level at 197.05700 is within the realm of possibility.
Please make appropriate stop-loss settings in the case of a trade.
Besides a ‘Three Black Crows’ candle chart pattern is found. The chart forms ‘Three Black Crows’. this is a bearish chart scenario. The currency pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Three Black Crows’ heading down is 82%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 198.94500 |
| 2nd High | 197.06600 |
| Next High | 197.05700 |
| Current Price | 196.90700 |
| Next Low | 196.59900 |
| 2nd Low | 196.43900 |
| 3rd Low | 195.74500 |
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Three Black Crows