GBP/JPY – 30M – SELLThe currency pair British Pound/Japanese Yen (GBP/JPY) goes from the ascending trendline down.
A descending movement down to the next support at 197.32500 will persist.
Caution: A possible trend reversal in the direction of the resistance zone at 198.25200 could occur.
Consider stop-loss settings accordingly.
In addition a ‘Last Engulfing Bottom:’ candle pattern is found. The candles form ‘Last Engulfing Bottom:’. this is a bearish signal. The currency pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Last Engulfing Bottom:’ heading down is 65% (Bull Market) & 67% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 199.37100 |
| 2nd High | 198.94600 |
| Next High | 198.25200 |
| Current Price | 197.59100 |
| Next Low | 197.32500 |
| 2nd Low | 195.84100 |
| 3rd Low | 194.63800 |
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Last Engulfing Bottom: