GBP/JPY – 4H – SELL

In addition a ‘Double bottom retreat down’ chart formation is found. The chart forms ‘Double bottom retreat down’. which is a negative chart scenario. The currency pair is likely to go down.

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

A continuation of the bearish trend downwards to the next support at 210.251 is considered certain.

Caution: A possible trend reversal in the direction of the resistance line at 211.501 is also possible.
In case of a trade, appropriate stop-loss settings should be considered.

In addition a ‘MACD crosses below signal’ indicator layout is found. The indicator is ‘MACD crosses below signal’. this is usually a bearish signal. The currency pair could go down.

In addition a ‘Bullish Engulfing’ candle pattern is discovered. The chart forms ‘Bullish Engulfing’. this is a bullish signal. The currency pair is likely to rise. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Bullish Engulfing’ heading up is 63%.

211.501 – 211.587 – 208.94 – 210.251 – 210.038 – 206.761 —
211.00900 – 211.71600 —
51.528409518649 – 59.812324708185 —
– —
211.50100 – 1766764800

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