GBP/JPY – 30M – SELLThe combination British Pound/Japanese Yen (GBP/JPY) goes from the bullish trendline down.
The bearish trend downwards to the next support at 197.20500 will continue.
Caution: A possible counter-trend in the direction of the resistance zone at 197.99900 should always be considered.
In case of a trade, appropriate stop-loss settings should be considered.
In addition a ‘Evening Star’ candle pattern is found. The chart shows ‘Evening Star’. which is a bearish chart scenario. The currency pair is likely to fall. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Evening Star’ heading down is 72% (Bull & Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 199.37100 |
| 2nd High | 198.94500 |
| Next High | 197.99900 |
| Current Price | 198.15000 |
| Next Low | 197.20500 |
| 2nd Low | 197.01500 |
| 3rd Low | 196.78300 |
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Evening Star