GBP/JPY – 1H – SELLThe pair British Pound/Japanese Yen (GBP/JPY) moves from the descending trendline down.
A continuation of the downward movement downwards to the next support line at 196.86600 is considered certain.
Caution: A possible counter-trend in the direction of the resistance level at 198.25200 is also possible.
Consider stop-loss settings accordingly.
In addition a ‘Three Black Crows’ candle pattern is detected. The chart shows ‘Three Black Crows’. which is a bearish chart scenario. The pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Three Black Crows’ heading down is 82%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 199.55300 |
| 2nd High | 198.94600 |
| Next High | 198.25200 |
| Current Price | 196.86000 |
| Next Low | 196.86600 |
| 2nd Low | 195.84100 |
| 3rd Low | 194.63800 |
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Three Black Crows