GBP/JPY – 30M – SELLThe currency pair British Pound/Japanese Yen (GBP/JPY) goes from the ascending trendline downwards
A descent down to the next support at 190.59400 is likely expected.
Caution: A possible counter-trend in the direction of the resistance level at 193.14400 should always be considered.
Please make appropriate stop-loss settings in the case of a trade.
And also a ‘Bearish Engulfing’ candle pattern is discovered. The chart forms ‘Bearish Engulfing’. this is a bearish pattern signal. The 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 | 193.72400 |
| 2nd High | 193.40600 |
| Next High | 193.14400 |
| Current Price | 192.99700 |
| Next Low | 190.59400 |
| 2nd Low | 190.33800 |
| 3rd Low | 189.35000 |
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Bearish Engulfing