GBP/JPY – 1H – SELLFurthermore a ‘Double bottom retreat down’ chart layout is existing. The chart shows ‘Double bottom retreat down’. which is a negative pattern signal. The currency pair is likely to fall.
The pair British Pound/Japanese Yen (GBP/JPY) jumps from the bullish trendline down.
A bearish movement downwards to the next support line at 199.216 is expected.
Caution: A possible trend reversal in the direction of the resistance level at 199.531 should be noted.
Consider stop-loss settings accordingly.
Furthermore a ‘Exponential Moving Average 50 (EMA 50)’ indicator signal is found. The indicator is ‘Exponential Moving Average 50 (EMA 50)’. which could be a negative chart signal. The pair is likely to go down.
Furthermore a ‘Resistance Level’ indicator signal is discovered. The indicator shows ‘Resistance Level’. which is often a bearish chart scenario. The pair is likely to go down.
Furthermore a ‘Bearish Engulfing’ chart pattern is detected. The candles show ‘Bearish Engulfing’. 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 ‘Bearish Engulfing’ going down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 200.264 |
| 2nd High | 199.855 |
| Next High | 199.531 |
| Current Price | 198.84900 |
| Next Low | 199.216 |
| 2nd Low | 198.371 |
| 3rd Low | 198.271 |
199.132 – 199.183 – 199.05 – 199.216 – 198.371 – 198.271 — 44.124206692724 – 34.480940328844 — 13.981133843721 – 4.0727272727273 – 39.543753925954 – 17.904086138951
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Bearish Engulfing – Double bottom retreat down – –