GBP/JPY – 4H – SELLThe currency pair British Pound/Japanese Yen (GBP/JPY) jumps from the ascending trendline downwards
A bearish trend downwards to the next support level at 194.05400 will persist.
Caution: A possible change in the direction of the resistance line at 198.94600 could be enabled.
In case of a trade, appropriate stop-loss settings should be considered.
Besides a ‘Bearish Engulfing’ candlestick chart pattern is discovered. The candles form ‘Bearish Engulfing’. this is a bearish signal. The currency pair is likely to fall. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Bearish Engulfing’ heading down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | |
| Next High | 198.94600 |
| Current Price | 194.72500 |
| Next Low | 194.05400 |
| 2nd Low | 192.85100 |
| 3rd Low | 190.59400 |
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Bearish Engulfing