GBP/JPY – 30M – SELLThe currency pair British Pound/Japanese Yen (GBP/JPY) moves from the bullish trendline downwards
The bearish trend downwards to the next support at 197.74400 is certain.
Caution: A possible trend reversal in the direction of the resistance zone at 198.74400 could happen.
In the case of a trade, always set appropriate stop-loss settings.
Next a ‘Support Level’ indicator signal is found. The indicator shows ‘Support Level’. which could be a negative chart signal. The currency pair could go down.
Next a ‘On Neck’ candle chart pattern is detected. The candles form ‘On Neck’. which is a bearish chart scenario. The currency pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘On Neck’ heading down is 56% (Bull Market) & 58% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | 198.80000 |
| Next High | 198.74400 |
| Current Price | 197.58300 |
| Next Low | 197.74400 |
| 2nd Low | 197.70300 |
| 3rd Low | 197.03800 |
198.74400 – 198.80000 – 198.52800 – 197.74400 – 198.10700 – 198.01100
Trading Signals: FOREX – GBP – GBP/JPY – JPY – On Neck – Double bottom chart pattern