GBP/JPY – 4H – SELLThe combination British Pound/Japanese Yen (GBP/JPY) moves from the bullish trendline down.
A bearish movement down to the next support level at 194.05400 is expected.
Caution: A possible counter-trend in the direction of the resistance zone at 198.94500 is also possible.
In case of a trade, appropriate stop-loss settings should be considered.
Furthermore a ‘Three Black Crows’ candlestick chart pattern is found. The chart shows ‘Three Black Crows’. this is a bearish pattern signal. The pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Three Black Crows’ heading down is 82%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | |
| Next High | 198.94500 |
| Current Price | 196.58900 |
| Next Low | 194.05400 |
| 2nd Low | 192.85100 |
| 3rd Low | 190.59400 |
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Three Black Crows