GBP/JPY – 1H – SELLThe pair British Pound/Japanese Yen (GBP/JPY) goes from the ascending trendline down.
A bearish movement down to the next support level at 196.59900 will continue.
Caution: A possible reversal of the trend in the direction of resistance at 198.94500 should be noted.
In case of a trade, appropriate stop-loss settings should be considered.
Additionally a ‘Evening Star’ candle pattern is found. The candles form ‘Evening Star’. this 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 probability of ‘Evening Star’ heading down is 72% (Bull & Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 199.70900 |
| 2nd High | 199.55300 |
| Next High | 198.94500 |
| Current Price | 197.19400 |
| Next Low | 196.59900 |
| 2nd Low | 196.43900 |
| 3rd Low | 195.74500 |
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Evening Star