GBP/JPY – 4H – SELLThe currency pair British Pound/Japanese Yen (GBP/JPY) goes from the bullish trendline down.
The bearish trend downwards to the next support level at 198.786 will persist.
Caution: A possible change in the direction of the resistance level at 200.264 is within the realm of possibility.
In case of a trade, appropriate stop-loss settings should be considered.
Then a ‘Bearish Engulfing’ candlestick pattern is detected. The chart shows ‘Bearish Engulfing’. which is a bearish signal. The pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Bearish Engulfing’ going down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | |
| Next High | 200.264 |
| Current Price | 199.54500 |
| Next Low | 198.786 |
| 2nd Low | 198.669 |
| 3rd Low | 198.271 |
199.183 – 199.531 – 200.264 – 198.786 – 198.669 – 198.271 — 57.896014412402 – 51.168857050595 — 84.134687397022 – 81.093053439422 – 69.091096382445 – 78.389877047299
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Bearish Engulfing – Triple top chart pattern – –