GBP/JPY – 4H – SELLThe pair British Pound/Japanese Yen (GBP/JPY) goes from the ascending trendline downwards
A bearish descent down to the next support level at 194.18900 will continue.
Caution: A possible trend reversal in the direction of the resistance line at 198.25200 is within the realm of possibility.
Please make appropriate stop-loss settings in the case of a trade.
Besides a ‘Tweezers Top’ candlestick pattern is detected. The chart forms ‘Tweezers Top’. 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 chance of ‘Tweezers Top’ heading down is 56% (Bull Market) & 55% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | 198.94600 |
| Next High | 198.25200 |
| Current Price | 194.28800 |
| Next Low | 194.18900 |
| 2nd Low | 194.05400 |
| 3rd Low | 192.85100 |
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Tweezers Top