GBP/JPY – 30M – SELLThe currency pair British Pound/Japanese Yen (GBP/JPY) goes from the bullish trendline downwards
A bearish movement down to the next support level at 190.59400 is considered certain.
Caution: A possible change in the direction of the resistance zone at 191.29500 is within the realm of possibility.
Consider stop-loss settings accordingly.
Furthermore a ‘Bearish Engulfing’ chart pattern is discovered. The chart forms ‘Bearish Engulfing’. this is a bearish chart scenario. The pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Bearish Engulfing’ heading down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 192.46500 |
| 2nd High | 192.36500 |
| Next High | 191.29500 |
| Current Price | 192.55200 |
| Next Low | 190.59400 |
| 2nd Low | 190.33800 |
| 3rd Low | 189.35000 |
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Bearish Engulfing