GBP/JPY – 30M – SELLThe currency pair British Pound/Japanese Yen (GBP/JPY) jumps from the bearish trendline down.
A continuation of the downward movement downwards to the next support at 190.33800 is certain.
Caution: A possible reversal of the trend in the direction of the resistance level at 191.49700 could be enabled.
In case of a trade, appropriate stop-loss settings should be considered.
There is also a ‘Bearish Engulfing’ candle chart pattern is detected. The candles form ‘Bearish Engulfing’. this is a bearish chart scenario. The currency pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Bearish Engulfing’ going down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 192.29800 |
| 2nd High | 191.52300 |
| Next High | 191.49700 |
| Current Price | 191.30300 |
| Next Low | 190.33800 |
| 2nd Low | 189.35000 |
| 3rd Low | 188.07200 |
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Bearish Engulfing