GBP/JPY – 4H – SELLThe pair British Pound/Japanese Yen (GBP/JPY) goes from the ascending trendline down.
A descent down to the next support level at 194.05400 is certain.
Caution: A possible change in the direction of the resistance zone at 198.94500 could occur.
In case of a trade, appropriate stop-loss settings should be considered.
Besides a ‘Three Black Crows’ candlestick chart pattern is found. The chart shows ‘Three Black Crows’. which is a bearish signal. The currency pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Three Black Crows’ heading down is 82%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | |
| Next High | 198.94500 |
| Current Price | 196.75500 |
| Next Low | 194.05400 |
| 2nd Low | 192.85100 |
| 3rd Low | 190.59400 |
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Three Black Crows