GBP/JPY – 1H – SELLThe pair British Pound/Japanese Yen (GBP/JPY) moves from the bullish trendline down.
A descent downwards to the next support level at 188.07200 will continue.
Caution: A possible counter-trend in the direction of the resistance zone at 191.52300 could be enabled.
Consider stop-loss settings accordingly.
Additionally a ‘Bearish Engulfing’ candle chart pattern is found. The chart shows ‘Bearish Engulfing’. which 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 probability of ‘Bearish Engulfing’ going down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 192.46500 |
| 2nd High | 192.29800 |
| Next High | 191.52300 |
| Current Price | 190.61500 |
| Next Low | 188.07200 |
| 2nd Low | 186.68500 |
| 3rd Low | 185.81900 |
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Bearish Engulfing