GBP/JPY – 30M – SELL

The combination British Pound/Japanese Yen (GBP/JPY) moves from the descending trendline down.

A continuation of the downtrend downwards to the next support at 203.127 is considered certain.

Caution: A possible reversal of the trend in the direction of resistance at 204.293 should always be considered.
In case of a trade, appropriate stop-loss settings should be considered.

In addition a ‘Three Outside Down’ candlestick chart pattern is detected. The candles form ‘Three Outside Down’. which is a negative pattern signal. The pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Three Outside Down’ heading down is 69% (Bull Market) & 70% (Bear Market).

204.293 – 204.52 – 203.602 – 203.127 – 202.34 – 202.631 —
204.20000 – 204.13500 —
49.205601265957 – 50.818606051115 —
– —
204.29300 – 1763431200

Trading Signals: FOREX – GBP – GBP/JPY – JPY – Three Outside Down – Double top chart pattern – – – –