GBP/JPY – 4H – SELLThe combination British Pound/Japanese Yen (GBP/JPY) jumps from the bullish trendline down.
A bearish trend down to the next support level at 194.05400 is considered certain.
Caution: A possible trend reversal in the direction of the resistance level at 198.94600 is within the realm of possibility.
Consider stop-loss settings accordingly.
Correction of the major bullish trend broke the Fibonacci 0.24-Level.Continuation of the current descending trend is considered certain. Current target is 193.509 at the Fibonacci level 0.5-Level. Caution: A possible trend reversal in the direction of the support level at 198.94600 is within the realm of possibility.
Consider stop-loss settings accordingly.
There is also a ‘Three Black Crows’ candle chart pattern is found. The chart forms ‘Three Black Crows’. which is a bearish pattern signal. The currency pair is likely to fall. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Three Black Crows’ going down is 82%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | |
| Next High | 198.94600 |
| Current Price | 195.08300 |
| Next Low | 194.05400 |
| 2nd Low | 192.85100 |
| 3rd Low | 190.59400 |
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Three Black Crows