GBP/JPY – 1H – SELLThe currency pair British Pound/Japanese Yen (GBP/JPY) moves from the ascending trendline down.
A descent downwards to the next support line at 194.69900 is expected.
Caution: A possible change in the direction of the resistance line at 195.47000 should be noted.
In the case of a trade, always set appropriate stop-loss settings.
Then a ‘Bearish Engulfing’ candle pattern is found. The chart shows ‘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 probability of ‘Bearish Engulfing’ heading down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 197.78100 |
| 2nd High | 195.89500 |
| Next High | 195.47000 |
| Current Price | 194.76200 |
| Next Low | 194.69900 |
| 2nd Low | 194.64900 |
| 3rd Low | 193.62500 |
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Bearish Engulfing