GBP/JPY – 1H – SELLThe currency pair British Pound/Japanese Yen (GBP/JPY) goes from the ascending trendline down.
The bearish trend downwards to the next support at 195.74500 is likely expected.
Caution: A possible trend reversal in the direction of the resistance zone at 198.94500 could occur.
Consider stop-loss settings accordingly.
Moreover a ‘Bearish Engulfing’ chart pattern is detected. The candles show ‘Bearish Engulfing’. which is a negative signal. The pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Bearish Engulfing’ heading down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 199.70900 |
| 2nd High | 199.55300 |
| Next High | 198.94500 |
| Current Price | 196.71400 |
| Next Low | 195.74500 |
| 2nd Low | 194.05400 |
| 3rd Low | 193.62500 |
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Bearish Engulfing