GBP/JPY – 30M – SELLThe combination British Pound/Japanese Yen (GBP/JPY) jumps from the ascending trendline downwards
A bearish movement down to the next support at 193.82700 will persist.
Caution: A possible reversal of the trend in the direction of the resistance level at 195.79200 is within the realm of possibility.
Please make appropriate stop-loss settings in the case of a trade.
Additionally a ‘Bearish Engulfing’ candle chart pattern is existing. The candles form ‘Bearish Engulfing’. which is a bearish pattern 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 | 195.89500 |
| Next High | 195.79200 |
| Current Price | 194.90100 |
| Next Low | 193.82700 |
| 2nd Low | 193.62500 |
| 3rd Low | 192.85100 |
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Bearish Engulfing