GBP/JPY – 1H – SELL

The pair British Pound/Japanese Yen (GBP/JPY) goes from the ascending trendline downwards

A bearish trend down to the next support at 196.64800 will continue.

Caution: A possible trend reversal in the direction of the resistance zone at 197.98600 is within the realm of possibility.
In the case of a trade, always set appropriate stop-loss settings.

Correction of the major bearish trend halted around the Fibonacci 0.79-Level.Continuation of the current descending trend will continue. Current target is 197.5515 at the Fibonacci level 0.5-Level. Caution: A possible trend reversal in the direction of the support level at 197.98600 is within the realm of possibility.
In the case of a trade, always set appropriate stop-loss settings.

Also there is a ‘Three Black Crows’ candlestick pattern is existing. The chart forms ‘Three Black Crows’. this is a bearish pattern signal. The currency pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Three Black Crows’ heading down is 82%.

Download GBP/JPY Signal Image

Trading Signals: FOREX – GBP – GBP/JPY – JPY