GBP/JPY – 1H – SELLThe combination British Pound/Japanese Yen (GBP/JPY) jumps from the bullish trendline downwards
A descent downwards to the next support line at 188.46600 will persist.
Caution: A possible reversal of the trend in the direction of the resistance zone at 191.28000 could be enabled.
In the case of a trade, always set appropriate stop-loss settings.
Moreover a ‘Bearish Engulfing’ candlestick chart pattern is detected. The chart shows ‘Bearish Engulfing’. this is a bearish signal. The pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Bearish Engulfing’ heading down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 192.46500 |
| 2nd High | 192.29800 |
| Next High | 191.28000 |
| Current Price | 189.73700 |
| Next Low | 188.46600 |
| 2nd Low | 186.68500 |
| 3rd Low | 185.81900 |
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Bearish Engulfing