GBP/JPY – 1H – SELL

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

A continuation of the downtrend downwards to the next support line at 209.606 is considered certain.

Caution: A possible trend reversal in the direction of the resistance zone at 214.847 is also possible.
Please make appropriate stop-loss settings in the case of a trade.

Moreover a ‘Support Level’ indicator layout is discovered. The indicator shows ‘Support Level’. this is usually a bearish signal. The pair is likely to go down.

Correction of the major bullish trend broke the Fibonacci 0.79-Level.Continuation of the current descending trend is considered certain. Current target is 209.606 at the Fibonacci level 1-Level. Caution: A possible trend reversal in the direction of the support zone at 214.847 is also possible.
Please make appropriate stop-loss settings in the case of a trade.

Moreover a ‘Three Outside Down’ chart pattern is existing. The chart forms ‘Three Outside Down’. which is a negative signal. The currency pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Three Outside Down’ going down is 69% (Bull Market) & 70% (Bear Market).

214.847 – 212.757 – 213.487 – 209.606 – 211.583 – 212.114 —
211.44600 – 210.81500 —
55.322747697118 – 43.073615983719 —
– —
214.84700 – 1769158800

Trading Signals: FOREX – GBP – GBP/JPY – JPY – Three Outside Down – – – – – – – – –