GBP/JPY – 1H – SELLBesides a ‘Rising Wedge Chart Pattern’ chart layout is found. The formation shows ‘Rising Wedge Chart Pattern’. which is a bearish signal. The pair is likely to go down.
The currency pair British Pound/Japanese Yen (GBP/JPY) jumps from the bullish trendline down.
A descending movement downwards to the next support line at 211.938 is certain.
Caution: A possible trend reversal in the direction of the resistance line at 214.065 could be enabled.
In case of a trade, appropriate stop-loss settings should be considered.
Besides a ‘Two Crows’ candle pattern is found. The candles form ‘Two Crows’. which is a negative signal. The currency pair is likely to fall. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Two Crows’ going down is 54% (Bull Market) & 58% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | 216.592 |
| Next High | 214.065 |
| Current Price | 212.39600 |
| Next Low | 211.938 |
| 2nd Low | 211.801 |
| 3rd Low | 210.44 |
214.065 – 213.617 – 214.039 – 211.938 – 211.801 – 210.44 —
214.06300 – 212.61400 —
70.143989053961 – 41.565114336141 —
– —
214.065 – 1778004000
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Two Crows – Rising Wedge Chart Pattern – – – – – – – –