GBP/JPY – 30M – SELLThe pair British Pound/Japanese Yen (GBP/JPY) moves from the ascending trendline down.
A descending movement downwards to the next support line at 193.62500 is considered certain.
Caution: A possible reversal of the trend in the direction of the resistance zone at 194.56000 is within the realm of possibility.
In the case of a trade, always set appropriate stop-loss settings.
Additionally a ‘Bearish SBS White Lines’ chart pattern is found. The candles show ‘Bearish SBS White Lines’. 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 ‘Bearish SBS White Lines’ heading down is 56% (Bull Market) & 57% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 196.41700 |
| 2nd High | 194.99000 |
| Next High | 194.56000 |
| Current Price | 194.53700 |
| Next Low | 193.62500 |
| 2nd Low | 192.85100 |
| 3rd Low | 192.51300 |
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Bearish SBS White Lines