GBP/JPY – 30M – SELLThe currency pair British Pound/Japanese Yen (GBP/JPY) moves from the ascending trendline down.
A bearish descent down to the next support line at 194.05400 is considered certain.
Caution: A possible change in the direction of the resistance level at 197.51500 is also possible.
In case of a trade, appropriate stop-loss settings should be considered.
Moreover a ‘Bearish Engulfing’ candlestick pattern is discovered. The candles show ‘Bearish Engulfing’. which is a bearish chart scenario. The pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Bearish Engulfing’ going down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 199.37100 |
| 2nd High | 198.94600 |
| Next High | 197.51500 |
| Current Price | 194.93400 |
| Next Low | 194.05400 |
| 2nd Low | 193.82700 |
| 3rd Low | 193.62500 |
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Bearish Engulfing