GBP/JPY – 1H – SELLThe currency pair British Pound/Japanese Yen (GBP/JPY) moves from the descending trendline down.
A continuation of the downtrend down to the next support level at 196.59900 is likely expected.
Caution: A possible trend reversal in the direction of the resistance zone at 197.05700 could happen.
Consider stop-loss settings accordingly.
Additionally a ‘Three Black Crows’ chart pattern is detected. The candles form ‘Three Black Crows’. this is a bearish chart scenario. The currency pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘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