GBP/JPY – 30M – SELLThe currency pair British Pound/Japanese Yen (GBP/JPY) goes from the bearish trendline down.
A continuation of the bearish trend downwards to the next support level at 194.35200 is certain.
Caution: A possible trend reversal in the direction of the resistance line at 196.14300 could happen.
In case of a trade, appropriate stop-loss settings should be considered.
There is also a ‘Bearish Engulfing’ candlestick pattern is found. The chart shows ‘Bearish Engulfing’. which is a negative signal. The currency pair is likely to fall. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Bearish Engulfing’ going down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 198.45500 |
| 2nd High | 198.43800 |
| Next High | 196.14300 |
| Current Price | 195.38800 |
| Next Low | 194.35200 |
| 2nd Low | 194.29000 |
| 3rd Low | 193.82600 |
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Bearish Engulfing