GBP/JPY – 4H – SELLThe pair British Pound/Japanese Yen (GBP/JPY) goes from the ascending trendline downwards
The bearish trend downwards to the next support level at 190.59400 is likely expected.
Caution: A possible change in the direction of the resistance line at 197.78100 should always be considered.
Consider stop-loss settings accordingly.
And also a ‘Bearish Engulfing’ candle chart pattern is existing. The candles show ‘Bearish Engulfing’. 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 ‘Bearish Engulfing’ heading down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 199.55300 |
| 2nd High | 198.43800 |
| Next High | 197.78100 |
| Current Price | 193.82900 |
| Next Low | 190.59400 |
| 2nd Low | 188.07200 |
| 3rd Low |
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Bearish Engulfing