GBP/JPY – 4H – SELLThe combination British Pound/Japanese Yen (GBP/JPY) goes from the bullish trendline down.
A bearish movement downwards to the next support line at 194.18900 is expected.
Caution: A possible counter-trend in the direction of the resistance line at 198.94600 should be noted.
In the case of a trade, always set appropriate stop-loss settings.
In addition a ‘Two Crows’ candle chart pattern is detected. The candles form ‘Two Crows’. which is a negative 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 ‘Two Crows’ heading down is 54% (Bull Market) & 58% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | |
| Next High | 198.94600 |
| Current Price | 197.74200 |
| Next Low | 194.18900 |
| 2nd Low | 194.05400 |
| 3rd Low | 192.85100 |