GBP/JPY – 30M – SELLThe combination British Pound/Japanese Yen (GBP/JPY) jumps from the descending trendline down.
A continuation of the downward movement downwards to the next support at 197.27500 is considered certain.
Caution: A possible trend reversal in the direction of the resistance zone at 197.98600 should be noted.
Please make appropriate stop-loss settings in the case of a trade.
Besides a ‘Bearish Engulfing’ candle pattern is existing. The candles form ‘Bearish Engulfing’. 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 ‘Bearish Engulfing’ heading down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 198.45500 |
| 2nd High | 198.05200 |
| Next High | 197.98600 |
| Current Price | 197.41100 |
| Next Low | 197.27500 |
| 2nd Low | 196.64800 |
| 3rd Low | 196.48700 |