GBP/JPY – 1H – SELLThe pair British Pound/Japanese Yen (GBP/JPY) jumps from the bullish trendline downwards
A descent downwards to the next support level at 196.31600 is certain.
Caution: A possible trend reversal in the direction of resistance at 198.94600 should be noted.
In the case of a trade, always set appropriate stop-loss settings.
Then a ‘Last Engulfing Bottom:’ candle pattern is discovered. The chart shows ‘Last Engulfing Bottom:’. 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 chance of ‘Last Engulfing Bottom:’ heading down is 65% (Bull Market) & 67% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | 199.55300 |
| Next High | 198.94600 |
| Current Price | 196.38000 |
| Next Low | 196.31600 |
| 2nd Low | 195.74500 |
| 3rd Low | 194.05400 |
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Last Engulfing Bottom: