GBP/JPY – 1H – SELLThe pair British Pound/Japanese Yen (GBP/JPY) goes from the bullish trendline downwards
A bearish descent downwards to the next support level at 195.73200 is likely expected.
Caution: A possible reversal of the trend in the direction of resistance at 198.94600 is also possible.
Please make appropriate stop-loss settings in the case of a trade.
Moreover a ‘Bearish Belt Hold’ candle pattern is detected. The candles form ‘Bearish Belt Hold’. which 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 likelyhood of ‘Bearish Belt Hold’ going down is 68% (Bull Market) & 69% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | 199.55300 |
| Next High | 198.94600 |
| Current Price | 196.73100 |
| Next Low | 195.73200 |
| 2nd Low | 194.05400 |
| 3rd Low | 193.62500 |
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Bearish Belt Hold