GBP/JPY – 1H – SELLThe pair British Pound/Japanese Yen (GBP/JPY) jumps from the descending trendline down.
A continuation of the downward movement down to the next support level at 190.59400 is certain.
Caution: A possible trend reversal in the direction of resistance at 193.40600 could happen.
Please make appropriate stop-loss settings in the case of a trade.
Then a ‘Bearish Engulfing’ candlestick pattern is existing. The chart forms ‘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 chance of ‘Bearish Engulfing’ heading down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 194.62100 |
| 2nd High | 193.72400 |
| Next High | 193.40600 |
| Current Price | 192.50000 |
| Next Low | 190.59400 |
| 2nd Low | 190.33800 |
| 3rd Low | 188.07200 |
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Bearish Engulfing