GBP/JPY – 30M – SELLThe pair British Pound/Japanese Yen (GBP/JPY) jumps from the ascending trendline downwards
The bearish trend downwards to the next support at 196.31600 will continue.
Caution: A possible change in the direction of the resistance line at 198.94600 should be noted.
Consider stop-loss settings accordingly.
Besides a ‘Three Outside Down’ candlestick pattern is found. The chart forms ‘Three Outside Down’. this is a bearish signal. The pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Three Outside Down’ heading down is 69% (Bull Market) & 70% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 199.55300 |
| 2nd High | 199.37100 |
| Next High | 198.94600 |
| Current Price | 196.75500 |
| Next Low | 196.31600 |
| 2nd Low | 196.31000 |
| 3rd Low | 195.74500 |
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Three Outside Down