GBP/JPY – 30M – BUY

The pair British Pound/Japanese Yen (GBP/JPY) moves from the bullish trendline downwards

The bearish trend down to the next support level at 190.59400 is considered certain.

Caution: A possible trend reversal in the direction of resistance at 193.40600 could happen.
In the case of a trade, always set appropriate stop-loss settings.

Correction of the major bullish trend broke through the Fibonacci 0.24-Level.Continuation of the current descending trend is considered certain. Target of the current trend is 192 at the Fibonacci level 0.5-Level. Caution: A possible trend reversal in the direction of the support level at 193.40600 could happen.
In the case of a trade, always set appropriate stop-loss settings.

Moreover a ‘On Neck’ candle pattern is existing. The chart shows ‘On Neck’. which is a bearish signal. The currency pair is likely to fall. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘On Neck’ going down is 56% (Bull Market) & 58% (Bear Market).

Download GBP/JPY Signal Image

Trading Signals: FOREX – GBP – GBP/JPY – JPY – On Neck