GBP/JPY – 1H – SELLThe pair British Pound/Japanese Yen (GBP/JPY) moves from the descending trendline downwards
A continuation of the bearish trend downwards to the next support level at 198.371 will persist.
Caution: A possible reversal of the trend in the direction of the resistance line at 200.264 could be enabled.
Please make appropriate stop-loss settings in the case of a trade.
Next a ‘Bearish Belt Hold’ chart pattern is discovered. The chart shows ‘Bearish Belt Hold’. which is a bearish pattern signal. The currency pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Bearish Belt Hold’ heading down is 68% (Bull Market) & 69% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | |
| Next High | 200.264 |
| Current Price | 198.38000 |
| Next Low | 198.371 |
| 2nd Low | 198.271 |
| 3rd Low | 197.854 |
199.132 – 199.183 – 199.05 – 198.371 – 198.271 – 198.739 — 38.583907299394 – 32.673963619107 — 3.1445023751431 – 1.0345423957989 – 2.4548074446105 – 2.0963349167621
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Bearish Belt Hold – Double bottom chart pattern – –