GBP/JPY – 30M – SELLThe currency pair British Pound/Japanese Yen (GBP/JPY) jumps from the bearish trendline down.
A continuation of the downward movement down to the next support line at 192.92300 is expected.
Caution: A possible trend reversal in the direction of the resistance zone at 194.99000 could happen.
Please make appropriate stop-loss settings in the case of a trade.
There is also a ‘Bearish Engulfing’ candlestick chart pattern is found. The candles show ‘Bearish Engulfing’. which is a negative chart scenario. The currency 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 | 197.78100 |
| 2nd High | 196.41700 |
| Next High | 194.99000 |
| Current Price | 193.58100 |
| Next Low | 192.92300 |
| 2nd Low | 192.51300 |
| 3rd Low | 192.44600 |
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Bearish Engulfing