GBP/JPY – 1H – SELLThe currency pair British Pound/Japanese Yen (GBP/JPY) jumps from the ascending trendline downwards
A descending movement down to the next support at 188.70000 is certain.
Caution: A possible reversal of the trend in the direction of the resistance zone at 191.28000 is also possible.
In the case of a trade, always set appropriate stop-loss settings.
Then a ‘Bearish Engulfing’ candlestick chart pattern is existing. The chart shows ‘Bearish Engulfing’. which is a negative signal. The pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Bearish Engulfing’ going down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 192.46500 |
| 2nd High | 192.29800 |
| Next High | 191.28000 |
| Current Price | 189.50400 |
| Next Low | 188.70000 |
| 2nd Low | 186.68500 |
| 3rd Low | 185.81900 |
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Bearish Engulfing