GBP/JPY – 4H – SELLThe combination British Pound/Japanese Yen (GBP/JPY) moves from the ascending trendline down.
A bearish descent down to the next support at 194.05400 is certain.
Caution: A possible trend reversal in the direction of the resistance level at 198.94500 is also possible.
Consider stop-loss settings accordingly.
In addition a ‘Three Black Crows’ candlestick pattern is discovered. The chart forms ‘Three Black Crows’. which is a bearish pattern signal. 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’ going down is 82%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | |
| Next High | 198.94500 |
| Current Price | 196.86900 |
| Next Low | 194.05400 |
| 2nd Low | 192.85100 |
| 3rd Low | 190.59400 |
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Three Black Crows