GBP/JPY – 1H – SELLThe combination British Pound/Japanese Yen (GBP/JPY) goes from the descending trendline downwards
A continuation of the bearish trend downwards to the next support at 196.59900 is considered certain.
Caution: A possible counter-trend in the direction of the resistance zone at 197.05700 should always be considered.
Please make appropriate stop-loss settings in the case of a trade.
There is also a ‘Three Black Crows’ candle chart pattern is existing. The candles form ‘Three Black Crows’. which is a bearish pattern 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