GBP/JPY – 30M – SELLThe currency pair British Pound/Japanese Yen (GBP/JPY) jumps from the ascending trendline downwards
A descending movement downwards to the next support at 196.62000 will continue.
Caution: A possible reversal of the trend in the direction of resistance at 197.51500 could happen.
In the case of a trade, always set appropriate stop-loss settings.
And also a ‘Three Outside Down’ candlestick pattern is discovered. The candles form ‘Three Outside Down’. which is a negative signal. The pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Three Outside Down’ going down is 69% (Bull Market) & 70% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 199.37100 |
| 2nd High | 198.94600 |
| Next High | 197.51500 |
| Current Price | 196.28000 |
| Next Low | 196.62000 |
| 2nd Low | 196.30600 |
| 3rd Low | 195.73200 |
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Three Outside Down