GBP/JPY – 1H – SELLThe combination British Pound/Japanese Yen (GBP/JPY) moves from the ascending trendline down.
A bearish movement downwards to the next support level at 203.975 is certain.
Caution: A possible reversal of the trend in the direction of the resistance line at 204.87 could occur.
Consider stop-loss settings accordingly.
Next a ‘Deliberation’ candle chart pattern is detected. The candles show ‘Deliberation’. 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 likelyhood of ‘Deliberation’ heading down is 77% (Bull Market) & 75% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | 205.317 |
| Next High | 204.87 |
| Current Price | 204.84300 |
| Next Low | 203.975 |
| 2nd Low | 203.69 |
| 3rd Low | 202.34 |
204.737 – 204.52 – 203.946 – 203.975 – 203.69 – 202.34 —
204.89600 – 204.89100 —
63.320930116967 – 57.199171851215 —
– —
204.73700 – 1763496000
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Deliberation – Double bottom chart pattern – – – –