GBP/JPY – 1H – SELLThe pair British Pound/Japanese Yen (GBP/JPY) jumps from the descending trendline down.
A continuation of the downtrend down to the next support at 210.038 is expected.
Caution: A possible counter-trend in the direction of the resistance zone at 212.157 could occur.
In the case of a trade, always set appropriate stop-loss settings.
Moreover a ‘Resistance Level’ indicator layout is discovered. The indicator shows ‘Resistance Level’. which is often a bearish chart signal. The pair is likely to go down.
Moreover a ‘Bearish Engulfing’ candlestick chart pattern is existing. The chart forms ‘Bearish Engulfing’. which is a bearish chart scenario. The pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Bearish Engulfing’ going down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | 214.847 |
| Next High | 212.157 |
| Current Price | 211.62700 |
| Next Low | 210.038 |
| 2nd Low | 209.784 |
| 3rd Low | 209.606 |
212.157 – 212.022 – 211.215 – 210.038 – 211.321 – 210.063 —
211.51300 – 211.91000 —
52.267529635865 – 55.958102676805 —
– —
212.15700 – 1769680800
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Bearish Engulfing – Double top chart pattern – – – – – – – –