GBP/JPY – 1H – SELLThe currency pair British Pound/Japanese Yen (GBP/JPY) jumps from the descending trendline down.
A continuation of the bearish trend downwards to the next support at 192.92300 will persist.
Caution: A possible trend reversal in the direction of the resistance line at 194.99000 is within the realm of possibility.
Consider stop-loss settings accordingly.
There is also a ‘Three Black Crows’ candle chart pattern is detected. The chart forms ‘Three Black Crows’. which is a negative pattern signal. The pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Three Black Crows’ going down is 82%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 198.43800 |
| 2nd High | 197.78100 |
| Next High | 194.99000 |
| Current Price | 193.82800 |
| Next Low | 192.92300 |
| 2nd Low | 192.51300 |
| 3rd Low | 192.44600 |
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Three Black Crows