GBP/JPY – 30M – SELLThe combination British Pound/Japanese Yen (GBP/JPY) jumps from the bearish trendline down.
A continuation of the downward movement down to the next support line at 197.27500 is likely expected.
Caution: A possible reversal of the trend 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.
And also a ‘Three Black Crows’ candle pattern is found. The chart forms ‘Three Black Crows’. 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 success rate of a ‘Three Black Crows’ heading down is 82%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 198.45500 |
| 2nd High | 198.05200 |
| Next High | 197.98600 |
| Current Price | 197.70200 |
| Next Low | 197.27500 |
| 2nd Low | 196.64800 |
| 3rd Low | 196.48700 |