GBP/JPY – 1H – SELLThe combination British Pound/Japanese Yen (GBP/JPY) jumps from the descending trendline downwards
A continuation of the downtrend down to the next support line at 196.31600 is likely expected.
Caution: A possible change in the direction of the resistance line at 198.94600 is within the realm of possibility.
Please make appropriate stop-loss settings in the case of a trade.
Also there is a ‘Three Black Crows’ chart pattern is detected. The candles form ‘Three Black Crows’. which is a bearish signal. The currency pair is likely to fall. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Three Black Crows’ going down is 82%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | 199.55300 |
| Next High | 198.94600 |
| Current Price | 196.36300 |
| Next Low | 196.31600 |
| 2nd Low | 195.74500 |
| 3rd Low | 194.05400 |
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Three Black Crows