GBP/JPY – 30M – SELLThe combination British Pound/Japanese Yen (GBP/JPY) moves from the bullish trendline downwards
A descending movement down to the next support line at 197.27500 is likely expected.
Caution: A possible counter-trend in the direction of the resistance line at 197.98600 could be enabled.
Please make appropriate stop-loss settings in the case of a trade.
In addition a ‘Bearish Engulfing’ chart pattern is detected. The chart forms ‘Bearish Engulfing’. which is a negative chart scenario. The currency pair is likely to fall. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Bearish Engulfing’ going down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 198.45500 |
| 2nd High | 198.05200 |
| Next High | 197.98600 |
| Current Price | 197.77800 |
| Next Low | 197.27500 |
| 2nd Low | 196.64800 |
| 3rd Low | 196.48700 |