GBP/JPY – 4H – SELLThe currency pair British Pound/Japanese Yen (GBP/JPY) goes from the bullish trendline down.
A descent downwards to the next support line at 194.18900 is expected.
Caution: A possible trend reversal in the direction of the resistance level at 198.94600 could occur.
In the case of a trade, always set appropriate stop-loss settings.
There is also a ‘Last Engulfing Bottom:’ candlestick chart pattern is existing. The candles form ‘Last Engulfing Bottom:’. this 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 ‘Last Engulfing Bottom:’ going down is 65% (Bull Market) & 67% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | |
| Next High | 198.94600 |
| Current Price | 197.59100 |
| Next Low | 194.18900 |
| 2nd Low | 194.05400 |
| 3rd Low | 192.85100 |
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Last Engulfing Bottom: