GBP/JPY – 1H – SELLThe pair British Pound/Japanese Yen (GBP/JPY) jumps from the ascending trendline down.
The bearish trend downwards to the next support level at 188.19900 is considered certain.
Caution: A possible reversal of the trend in the direction of resistance at 189.95600 could happen.
Please make appropriate stop-loss settings in the case of a trade.
Besides a ‘Two Crows’ candlestick pattern is found. The chart shows ‘Two Crows’. this is a bearish chart scenario. The currency pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Two Crows’ heading down is 54% (Bull Market) & 58% (Bear Market).
Besides a ‘Resistance Level’ indicator layout is found. The indicator is ‘Resistance Level’. which is often a bearish chart scenario. The pair is likely to go down.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 193.66300 |
| 2nd High | 190.08600 |
| Next High | 189.95600 |
| Current Price | 189.62800 |
| Next Low | 188.19900 |
| 2nd Low | 187.46000 |
| 3rd Low | 187.45700 |
189.95600 – 188.76800 – 188.84300 – 188.19900 – 187.46000 – 187.99600