GBP/JPY – 4H – SELLThe pair British Pound/Japanese Yen (GBP/JPY) goes from the bullish trendline down.
A bearish descent downwards to the next support level at 192.85100 will persist.
Caution: A possible reversal of the trend in the direction of resistance at 198.25200 should always be considered.
Consider stop-loss settings accordingly.
Correction of the major bullish trend broke the Fibonacci 0.5-Level.Continuation of the current descending trend will persist. Target of the current trend is 192.381328 at the Fibonacci level 0.79-Level. Caution: A possible reversal of the trend in the direction of the support level at 198.25200 should always be considered.
Consider stop-loss settings accordingly.
Additionally a ‘Three Black Crows’ chart pattern is detected. The chart forms ‘Three Black Crows’. this is a bearish signal. The currency pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Three Black Crows’ going down is 82%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | 198.94600 |
| Next High | 198.25200 |
| Current Price | 193.91400 |
| Next Low | 192.85100 |
| 2nd Low | 190.59400 |
| 3rd Low | 188.07200 |
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Three Black Crows