GBP/JPY – 30M – SELLThe pair British Pound/Japanese Yen (GBP/JPY) goes from the bullish trendline downwards
A bearish descent downwards to the next support line at 192.44600 will persist.
Caution: A possible change in the direction of the resistance line at 194.10300 could happen.
Please make appropriate stop-loss settings in the case of a trade.
Next a ‘Bearish Engulfing’ candle pattern is found. The candles form ‘Bearish Engulfing’. which is a bearish chart scenario. The pair is likely to go down. 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 | 194.80200 |
| 2nd High | 194.62100 |
| Next High | 194.10300 |
| Current Price | 194.09800 |
| Next Low | 192.44600 |
| 2nd Low | 190.59400 |
| 3rd Low | 190.33800 |
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Bearish Engulfing