GBP/JPY – 1H – SELL

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

A descent downwards to the next support line at 211.973 is certain.

Caution: A possible change in the direction of the resistance zone at 213.299 is within the realm of possibility.
Consider stop-loss settings accordingly.

Besides a ‘Bearish Engulfing’ candlestick pattern is discovered. The candles show ‘Bearish Engulfing’. which is a negative chart scenario. The pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Bearish Engulfing’ going down is 79%.

213.299 – 212.177 – 211.54 – 211.973 – 211.589 – 209.176 —
213.14500 – 212.69800 —
58.188221244282 – 46.712640627753 —
– —
213.299 – 1773266400

Trading Signals: FOREX – GBP – GBP/JPY – JPY – Bearish Engulfing – – – – – – – – –