GBP/JPY – 30M – SELLCorrection of the major bearish trend halted around the Fibonacci 0-Level.Continuation of the current descending trend is expected. Current target is 196.316 at the Fibonacci level 0-Level. Caution: A possible reversal of the trend in the direction of the support level at 198.94600 is also possible.
In case of a trade, appropriate stop-loss settings should be considered.
Furthermore a ‘Three Black Crows’ candlestick pattern is existing. The chart shows ‘Three Black Crows’. which is a negative signal. The pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Three Black Crows’ heading down is 82%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 199.55300 |
| 2nd High | 199.37100 |
| Next High | 198.94600 |
| Current Price | 195.98200 |
| Next Low | 195.74500 |
| 2nd Low | 194.05400 |
| 3rd Low | 193.82700 |
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Three Black Crows