GBP/JPY – 1H – SELL

Correction of the major bearish trend halted around the Fibonacci 0.5-Level.Continuation of the current descending trend will continue. Current target is 207.806616 at the Fibonacci level 0.24-Level. Caution: A possible trend reversal in the direction of support at 209.683 should always be considered.
Consider stop-loss settings accordingly.

Next a ‘Bearish Engulfing’ candle chart pattern is detected. The candles form ‘Bearish Engulfing’. which is a negative pattern signal. The currency pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Bearish Engulfing’ heading down is 79%.

209.683 – 209.532 – 209.207 – 208.215 – 208.076 – 207.227 —
209.14500 – 208.98100 —
56.12535588272 – 37.12217300644 —
– —
209.683 – 1771606800

Trading Signals: FOREX – GBP – GBP/JPY – JPY – Bearish Engulfing – Double top retreat up – – – – – – – –