GBP/JPY – 1H – SELL

The currency pair British Pound/Japanese Yen (GBP/JPY) goes from the bullish trendline down.

A descent down to the next support level at 206.423 will continue.

Caution: A possible change in the direction of the resistance level at 207.163 is also possible.
Consider stop-loss settings accordingly.

Next a ‘Resistance Level’ indicator signal is detected. The indicator shows ‘Resistance Level’. which could be a negative signal. The currency pair could go down.

Correction of the major bearish trend halted around the Fibonacci 1-Level.Continuation of the current descending trend will continue. Target of the current trend is 206.480768 at the Fibonacci level 0.79-Level. Caution: A possible change in the direction of the support zone at 207.163 is also possible.
Consider stop-loss settings accordingly.

Next a ‘Two Crows’ candlestick chart pattern is existing. The chart forms ‘Two Crows’. 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 likelyhood of ‘Two Crows’ heading down is 54% (Bull Market) & 58% (Bear Market).

207.163 – 205.985 – 205.902 – 206.423 – 204.995 – 204.284 —
206.76100 – 207.14200 —
54.341383909229 – 66.03292813669 —
– —
207.16300 – 1764198000

Trading Signals: FOREX – GBP – GBP/JPY – JPY – Two Crows – Symmetrical Triangle Chart Pattern – – – – – – – –