GBP/JPY – 1H – SELL

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

A continuation of the downtrend downwards to the next support at 207.628 will continue.

Caution: A possible counter-trend in the direction of the resistance level at 210.511 could be enabled.
In case of a trade, appropriate stop-loss settings should be considered.

Correction of the major bullish trend broke through the Fibonacci 0.79-Level.Continuation of the current descending trend will continue. Target of the current trend is 207.628 at the Fibonacci level 1-Level. Caution: A possible counter-trend in the direction of the support level at 210.511 could be enabled.
In case of a trade, appropriate stop-loss settings should be considered.

Besides a ‘Three Black Crows’ chart pattern is existing. The candles show ‘Three Black Crows’. 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 Black Crows’ heading down is 82%.

210.511 – 213.719 – 213.709 – 207.628 – 212.115 – 211.597 —
208.79100 – 209.27200 —
42.21116044131 – 50.732223209486 —
– —
210.511 – 1770822000

Trading Signals: FOREX – GBP – GBP/JPY – JPY – Three Black Crows – Double top retreat up – – – – – – – –