GBP/JPY – 30M – SELLThe currency pair British Pound/Japanese Yen (GBP/JPY) jumps from the descending trendline downwards
A continuation of the bearish trend downwards to the next support line at 195.11500 is likely expected.
Caution: A possible change in the direction of the resistance zone at 196.01100 could occur.
Consider stop-loss settings accordingly.
Then a ‘Collapsing Doji Star’ candle chart pattern is existing. The chart forms ‘Collapsing Doji Star’. which is a negative signal. The pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Collapsing Doji Star’ heading down is 63% (Bull Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 198.19200 |
| 2nd High | 197.53900 |
| Next High | 196.01100 |
| Current Price | 195.49900 |
| Next Low | 195.11500 |
| 2nd Low | 194.63800 |
| 3rd Low | 194.18900 |
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Collapsing Doji Star