GBP/JPY – 1H – SELL

The currency pair British Pound/Japanese Yen (GBP/JPY) jumps from the ascending trendline down.

A descending movement down to the next support level at 202.34 will persist.

Caution: A possible trend reversal in the direction of the resistance zone at 204.52 is within the realm of possibility.
Consider stop-loss settings accordingly.

Furthermore a ‘Last Engulfing Top’ candlestick pattern is existing. The candles show ‘Last Engulfing Top’. which is a negative 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 ‘Last Engulfing Top’ heading down is 68% (Bull Market) & 67% (Bear Market).

204.52 – 203.946 – 203.567 – 203.69 – 202.34 – 202.764 —
204.15900 – 204.21600 —
52.207660812966 – 52.354390046409 —
– —
204.52000 – 1763406000

Trading Signals: FOREX – GBP – GBP/JPY – JPY – Last Engulfing Top – Double bottom retreat down – – – –