GBP/JPY – 30M – SELL

The pair British Pound/Japanese Yen (GBP/JPY) moves from the bullish trendline down.

A bearish trend downwards to the next support level at 214.302 is certain.

Caution: A possible counter-trend in the direction of resistance at 215.606 could occur.
In case of a trade, appropriate stop-loss settings should be considered.

Additionally a ‘Resistance Level’ indicator layout is detected. The indicator is ‘Resistance Level’. which is often a bearish chart scenario. The currency pair is likely to fall.

Correction of the major bullish trend broke the Fibonacci 0-Level.Continuation of the current descending trend is certain. Current target is 214.907388 at the Fibonacci level 0.24-Level. Caution: A possible counter-trend in the direction of the support level at 215.606 could occur.
In case of a trade, appropriate stop-loss settings should be considered.

Additionally a ‘Matching Low’ candlestick chart pattern is discovered. The candles form ‘Matching Low’. this is a bullish chart scenario. The currency pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Matching Low’ heading up is 61% (Bull & Bear Market).

214.998 – 214.934 – 214.859 – 214.302 – 214.557 – 213.863 —
215.05900 – 215.35300 —
58.410160571455 – 63.889138020628 —
– —
214.998 – 1781249400

Trading Signals: FOREX – GBP – GBP/JPY – JPY – Matching Low – – – – – – – – –