GBP/JPY – 1H – SELL

The currency pair British Pound/Japanese Yen (GBP/JPY) goes from the descending trendline downwards

A continuation of the downtrend downwards to the next support at 194.63800 will continue.

Caution: A possible change in the direction of resistance at 198.25200 is also possible.
In the case of a trade, always set appropriate stop-loss settings.

Correction of the major bearish trend halted around the Fibonacci 0.5-Level.Continuation of the current descending trend will continue. Current target is 195.311652 at the Fibonacci level 0.24-Level. Caution: A possible change in the direction of the support level at 198.25200 is also possible.
In the case of a trade, always set appropriate stop-loss settings.

Next a ‘On Neck’ candlestick chart pattern is existing. The chart forms ‘On Neck’. 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 chance of ‘On Neck’ heading down is 56% (Bull Market) & 58% (Bear Market).

Download GBP/JPY Signal Image

Trading Signals: FOREX – GBP – GBP/JPY – JPY – On Neck