GBP/JPY – 1H – SELLThe pair jumps from the bearish trendline down.
A continuation of the downtrend downwards to the next support level at 196.85200 is expected.
Caution: A possible reversal of the trend in the direction of resistance at 197.82200 should always be considered.
Please make appropriate stop-loss settings in the case of a trade.
Also there is a ‘Three Black Crows’ candle chart pattern is discovered. The candles form ‘Three Black Crows’. which is a negative chart scenario. The pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Three Black Crows’ heading down is 82%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 199.55300 |
| 2nd High | 198.45500 |
| Next High | 197.82200 |
| Current Price | 197.06100 |
| Next Low | 196.85200 |
| 2nd Low | 196.73500 |
| 3rd Low | 196.48700 |