GBP/JPY – 1H – SELLThe pair British Pound/Japanese Yen (GBP/JPY) moves from the bullish trendline down.
The bearish trend down to the next support at 195.73200 is expected.
Caution: A possible trend reversal in the direction of the resistance zone at 198.94600 should always be considered.
Consider stop-loss settings accordingly.
Moreover a ‘Bearish Harami’ candlestick chart pattern is detected. The candles show ‘Bearish Harami’. this is a bearish chart scenario. The pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Bearish Harami’ heading down is 53% (Bull Market) & 50% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | 199.55300 |
| Next High | 198.94600 |
| Current Price | 196.98400 |
| Next Low | 195.73200 |
| 2nd Low | 194.05400 |
| 3rd Low | 193.62500 |
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Bearish Harami