GBP/JPY – 30M – SELL

The currency pair British Pound/Japanese Yen (GBP/JPY) goes from the ascending trendline down.

A descent downwards to the next support at 194.69900 will continue.

Caution: A possible reversal of the trend in the direction of the resistance line at 195.76500 is also possible.
In the case of a trade, always set appropriate stop-loss settings.

Correction of the major bullish trend broke the Fibonacci 0.24-Level.Continuation of the current descending trend will continue. Target of the current trend is 194.76 at the Fibonacci level 0.5-Level. Caution: A possible reversal of the trend in the direction of the support zone at 195.76500 is also possible.
In the case of a trade, always set appropriate stop-loss settings.

And also a ‘Three Outside Down’ candlestick pattern is existing. The chart shows ‘Three Outside Down’. which is a negative chart scenario. The pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Three Outside Down’ heading down is 69% (Bull Market) & 70% (Bear Market).

Download GBP/JPY Signal Image

Trading Signals: FOREX – GBP – GBP/JPY – JPY – Three Outside Down