GBP/JPY – 30M – SELL

The pair British Pound/Japanese Yen (GBP/JPY) goes from the ascending trendline down.

The bearish trend downwards to the next support level at 196.31600 is expected.

Caution: A possible trend reversal in the direction of resistance at 198.94600 is also possible.
In case of a trade, appropriate stop-loss settings should be considered.

Correction of the major bearish trend halted around the Fibonacci 0.24-Level.Continuation of the current descending trend is expected. Target of the current trend is 196.316 at the Fibonacci level 0-Level. Caution: A possible trend reversal 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.

In addition a ‘Three Outside Down’ candlestick pattern is detected. The chart forms ‘Three Outside Down’. this is a bearish pattern signal. The currency pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Three Outside Down’ heading down is 69% (Bull Market) & 70% (Bear Market).

Download GBP/JPY Signal Image

Trading Signals: FOREX – GBP – GBP/JPY – JPY – Three Outside Down