GBP/JPY – 30M – SELLThe currency pair British Pound/Japanese Yen (GBP/JPY) goes from the ascending trendline downwards
A descending movement downwards to the next support line at 199.289 will continue.
Caution: A possible trend reversal in the direction of the resistance line at 200.474 is within the realm of possibility.
In case of a trade, appropriate stop-loss settings should be considered.
Next a ‘Tweezers Top’ candle pattern is detected. The chart shows ‘Tweezers Top’. this is a bearish chart scenario. The currency pair is likely to fall. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Tweezers Top’ heading down is 56% (Bull Market) & 55% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | |
| Next High | 200.474 |
| Current Price | 200.54800 |
| Next Low | 199.289 |
| 2nd Low | 198.786 |
| 3rd Low | 198.669 |
200.474 – 199.516 – 199.8 – 199.289 – 198.786 – 198.669 — 71.715383084367 – 62.333663522508 — 98.17031083658 – 86.746225858143 – 88.970000428955 – 91.917627487953
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Tweezers Top – – –