GBP/JPY – 1H – BUYThe pair British Pound/Japanese Yen (GBP/JPY) jumps from the ascending trendline down.
A bearish trend down to the next support at 197.20500 will continue.
Caution: A possible reversal of the trend in the direction of the resistance zone at 198.94500 could happen.
Consider stop-loss settings accordingly.
Furthermore a ‘Two Crows’ candle pattern is existing. The candles form ‘Two Crows’. which is a negative signal. The currency pair is likely to fall. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Two Crows’ going down is 54% (Bull Market) & 58% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | 199.55300 |
| Next High | 198.94500 |
| Current Price | 198.48400 |
| Next Low | 197.20500 |
| 2nd Low | 196.59900 |
| 3rd Low | 196.43900 |