GBP/JPY – 30M – SELLThe pair British Pound/Japanese Yen (GBP/JPY) moves from the descending trendline downwards
A continuation of the downtrend down to the next support at 192.51300 is considered certain.
Caution: A possible trend reversal in the direction of the resistance zone at 194.76600 could happen.
In case of a trade, appropriate stop-loss settings should be considered.
Correction of the major bearish trend halted around the Fibonacci 0-Level.Continuation of the current descending trend is considered certain. Current target is 193.472 at the Fibonacci level 0-Level. Caution: A possible trend reversal in the direction of support at 194.76600 could happen.
In case of a trade, appropriate stop-loss settings should be considered.
Next a ‘Three Black Crows’ candle chart pattern is existing. The chart shows ‘Three Black Crows’. this is a bearish signal. The currency pair is likely to fall. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Three Black Crows’ heading down is 82%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 197.53900 |
| 2nd High | 196.01100 |
| Next High | 194.76600 |
| Current Price | 192.68100 |
| Next Low | 192.51300 |
| 2nd Low | 192.44600 |
| 3rd Low | 190.59400 |
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Three Black Crows