GBP/JPY – 1H – SELLThe currency pair British Pound/Japanese Yen (GBP/JPY) jumps from the bearish trendline down.
A continuation of the downward movement downwards to the next support level at 196.59900 is considered certain.
Caution: A possible counter-trend in the direction of the resistance line at 197.05700 is also possible.
In case of a trade, appropriate stop-loss settings should be considered.
In addition a ‘Three Black Crows’ candlestick chart pattern is detected. The candles form ‘Three Black Crows’. which is a negative signal. The currency pair is likely to fall. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Three Black Crows’ heading down is 82%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 198.94500 |
| 2nd High | 197.06600 |
| Next High | 197.05700 |
| Current Price | 196.90700 |
| Next Low | 196.59900 |
| 2nd Low | 196.43900 |
| 3rd Low | 195.74500 |
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Three Black Crows