GBP/JPY – 30M – SELLCorrection of the major bearish trend halted around the Fibonacci 0.79-Level.Continuation of the current descending trend is considered certain. Target of the current trend is 193.9205 at the Fibonacci level 0.5-Level. Caution: A possible change in the direction of the support level at 194.45500 could be enabled.
In the case of a trade, always set appropriate stop-loss settings.
There is also a ‘Bearish Engulfing’ candle pattern is detected. The candles show ‘Bearish Engulfing’. which is a bearish signal. The currency pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Bearish Engulfing’ going down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 196.41700 |
| 2nd High | 194.99000 |
| Next High | 194.45500 |
| Current Price | 194.35300 |
| Next Low | 193.63600 |
| 2nd Low | 192.85100 |
| 3rd Low | 192.51300 |
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Bearish Engulfing