GBP/JPY – 4H – SELLThe combination British Pound/Japanese Yen (GBP/JPY) jumps from the bearish trendline down.
A continuation of the bearish trend down to the next support line at 192.85100 will continue.
Caution: A possible reversal of the trend 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 ‘Three Outside Down’ candlestick pattern is existing. The chart shows ‘Three Outside Down’. which is a bearish pattern signal. The currency pair is likely to fall. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Three Outside Down’ going down is 69% (Bull Market) & 70% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 198.43800 |
| 2nd High | 197.78100 |
| Next High | 194.99000 |
| Current Price | 195.26300 |
| Next Low | 192.85100 |
| 2nd Low | 190.59400 |
| 3rd Low | 188.07200 |
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Three Outside Down