GBP/JPY – 1H – SELLThe combination British Pound/Japanese Yen (GBP/JPY) moves from the bullish trendline down.
A descending movement downwards to the next support level at 188.46600 will persist.
Caution: A possible reversal of the trend in the direction of resistance at 191.28000 could occur.
In case of a trade, appropriate stop-loss settings should be considered.
Next a ‘Bearish Engulfing’ candle pattern is discovered. The chart forms ‘Bearish Engulfing’. which is a bearish chart scenario. The currency pair is likely to fall. 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 | 189.90200 |
| Next Low | 188.46600 |
| 2nd Low | 186.68500 |
| 3rd Low | 185.81900 |
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Bearish Engulfing