GBP/JPY – 1H – SELLThe combination British Pound/Japanese Yen (GBP/JPY) goes from the bearish trendline down.
A continuation of the downtrend downwards to the next support level at 190.14500 will continue.
Caution: A possible reversal of the trend in the direction of the resistance line at 191.24900 could happen.
In the case of a trade, always set appropriate stop-loss settings.
In addition a ‘Bearish Engulfing’ candle chart pattern is existing. The candles form ‘Bearish Engulfing’. this is a bearish chart scenario. The currency pair is likely to fall. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Bearish Engulfing’ going down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 192.46500 |
| 2nd High | 192.29800 |
| Next High | 191.24900 |
| Current Price | 190.96000 |
| Next Low | 190.14500 |
| 2nd Low | 189.84600 |
| 3rd Low | 189.56100 |
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Bearish Engulfing