GBP/JPY – 30M – SELLThe pair British Pound/Japanese Yen (GBP/JPY) moves from the ascending trendline down.
A bearish trend down to the next support at 197.20500 is expected.
Caution: A possible counter-trend in the direction of the resistance line at 198.94500 could occur.
In the case of a trade, always set appropriate stop-loss settings.
Moreover a ‘Two Crows’ chart pattern is existing. The candles show ‘Two Crows’. which is a bearish signal. The currency pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Two Crows’ going down is 54% (Bull Market) & 58% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 199.55300 |
| 2nd High | 199.37100 |
| Next High | 198.94500 |
| Current Price | 198.49400 |
| Next Low | 197.20500 |
| 2nd Low | 197.01500 |
| 3rd Low | 196.78300 |