GBP/JPY – 1H – SELLThe combination British Pound/Japanese Yen (GBP/JPY) jumps from the bullish trendline down.
The bearish trend down to the next support line at 192.44600 is considered certain.
Caution: A possible trend reversal in the direction of the resistance zone at 194.10300 should be noted.
Consider stop-loss settings accordingly.
And also a ‘Evening Doji Star’ candlestick pattern is detected. The chart forms ‘Evening Doji Star’. this is a bearish chart scenario. The currency pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Evening Doji Star’ heading down is 71% (Bull Market) & 71% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 194.80200 |
| 2nd High | 194.62100 |
| Next High | 194.10300 |
| Current Price | 193.12600 |
| Next Low | 192.44600 |
| 2nd Low | 190.59400 |
| 3rd Low | 190.33800 |
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Evening Doji Star