GBP/JPY – 4H – SELLThe pair British Pound/Japanese Yen (GBP/JPY) jumps from the ascending trendline downwards
A descent down to the next support at 194.18900 is certain.
Caution: A possible trend reversal in the direction of the resistance line at 198.94600 is also possible.
In the case of a trade, always set appropriate stop-loss settings.
Furthermore a ‘Tweezers Top’ candlestick pattern is existing. The candles form ‘Tweezers Top’. which is a bearish chart scenario. The currency pair is likely to fall. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Tweezers Top’ heading down is 56% (Bull Market) & 55% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | |
| Next High | 198.94600 |
| Current Price | 196.86000 |
| Next Low | 194.18900 |
| 2nd Low | 194.05400 |
| 3rd Low | 192.85100 |
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Tweezers Top