GBP/JPY – 30M – SELLThe pair British Pound/Japanese Yen (GBP/JPY) jumps from the bearish trendline downwards
A continuation of the downtrend down to the next support level at 196.30600 is likely expected.
Caution: A possible trend reversal in the direction of the resistance level at 197.18400 is within the realm of possibility.
In case of a trade, appropriate stop-loss settings should be considered.
Next a ‘Three Black Crows’ candlestick chart pattern is detected. The chart forms ‘Three Black Crows’. this is a bearish chart scenario. The currency pair is likely to fall. 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 | 199.37100 |
| 2nd High | 198.94600 |
| Next High | 197.18400 |
| Current Price | 196.73100 |
| Next Low | 196.30600 |
| 2nd Low | 195.73200 |
| 3rd Low | 194.05400 |
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Three Black Crows