GBP/JPY – 1H – SELLThe currency pair British Pound/Japanese Yen (GBP/JPY) moves from the bullish trendline downwards
A descending movement downwards to the next support at 195.73200 is likely expected.
Caution: A possible trend reversal in the direction of the resistance level at 198.94600 could be enabled.
In the case of a trade, always set appropriate stop-loss settings.
Besides a ‘Bearish Belt Hold’ chart pattern is existing. The candles form ‘Bearish Belt Hold’. which is a bearish signal. The currency pair is likely to fall. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Bearish Belt Hold’ heading down is 68% (Bull Market) & 69% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | 199.55300 |
| Next High | 198.94600 |
| Current Price | 196.28000 |
| Next Low | 195.73200 |
| 2nd Low | 194.05400 |
| 3rd Low | 193.62500 |
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Bearish Belt Hold