GBP/JPY – 1H – SELL

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

The bearish trend down to the next support level at 192.84600 will continue.

Caution: A possible counter-trend in the direction of the resistance line at 194.80200 is within the realm of possibility.
In case of a trade, appropriate stop-loss settings should be considered.

Correction of the major bearish trend halted around the Fibonacci 0.24-Level.Continuation of the current descending trend will continue. Current target is 192.846 at the Fibonacci level 0-Level. Caution: A possible counter-trend in the direction of the support level at 194.80200 is within the realm of possibility.
In case of a trade, appropriate stop-loss settings should be considered.

Then a ‘Bearish Engulfing’ candle pattern is discovered. The candles show ‘Bearish Engulfing’. which is a bearish signal. The pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Bearish Engulfing’ going down is 79%.

Download GBP/JPY Signal Image

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