GBP/JPY – 30M – SELLThe currency pair British Pound/Japanese Yen (GBP/JPY) jumps from the descending trendline down.
A continuation of the bearish trend down to the next support level at 190.59400 will persist.
Caution: A possible reversal of the trend in the direction of the resistance zone at 193.14400 could occur.
In case of a trade, appropriate stop-loss settings should be considered.
Besides a ‘Bearish Engulfing’ candle chart pattern is discovered. The candles show ‘Bearish Engulfing’. this is a bearish chart scenario. The currency pair is likely to fall. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Bearish Engulfing’ heading down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 193.72400 |
| 2nd High | 193.40600 |
| Next High | 193.14400 |
| Current Price | 192.50000 |
| Next Low | 190.59400 |
| 2nd Low | 190.33800 |
| 3rd Low | 189.35000 |
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Bearish Engulfing