GBP/JPY – 1H – SELLThe currency pair British Pound/Japanese Yen (GBP/JPY) moves from the bullish trendline down.
A bearish trend down to the next support line at 197.20500 is certain.
Caution: A possible trend reversal in the direction of resistance at 198.94500 could happen.
Please make appropriate stop-loss settings in the case of a trade.
And also a ‘Bearish Belt Hold’ candlestick pattern is detected. The candles form ‘Bearish Belt Hold’. this is a bearish signal. The pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Bearish Belt Hold’ going down is 68% (Bull Market) & 69% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | 199.55300 |
| Next High | 198.94500 |
| Current Price | 198.49400 |
| Next Low | 197.20500 |
| 2nd Low | 196.59900 |
| 3rd Low | 196.43900 |
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Bearish Belt Hold