GBP/JPY – 30M – SELL

The currency pair British Pound/Japanese Yen (GBP/JPY) moves from the descending trendline downwards

A continuation of the downtrend downwards to the next support level at 204.578 is expected.

Caution: A possible counter-trend in the direction of the resistance line at 206.042 could be enabled.
In the case of a trade, always set appropriate stop-loss settings.

Next a ‘Three Inside Down’ candle pattern is existing. The chart forms ‘Three Inside Down’. this is a bearish chart scenario. The pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Three Inside Down’ heading down is 60% (Bull Market) & 63% (Bear Market).

206.042 – 206.852 – 206.044 – 205.575 – 205.637 – 204.578 —
205.23200 – 205.27500 —
31.501045885828 – 48.226193721631 —
– —
206.04200 – 1763697600

Trading Signals: FOREX – GBP – GBP/JPY – JPY – Three Inside Down – Double top chart pattern – – – – – – – –