GBP/JPY – 1H – SELL

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

A descent down to the next support level at 209.176 is considered certain.

Caution: A possible trend reversal in the direction of the resistance zone at 210.724 should always be considered.
In case of a trade, appropriate stop-loss settings should be considered.

Then a ‘StochRSI %K line crosses below %D line’ indicator layout is existing. The indicator shows ‘StochRSI %K line crosses below %D line’. which is often a bearish chart signal. The pair is likely to go down.

Then a ‘Resistance Level’ indicator layout is detected. The indicator is ‘Resistance Level’. which could be a negative chart scenario. The pair is likely to go down.

Correction of the major bearish trend halted around the Fibonacci 0.79-Level.Continuation of the current descending trend is considered certain. Target of the current trend is 210.2075 at the Fibonacci level 0.5-Level. Caution: A possible trend reversal in the direction of the support zone at 210.724 should always be considered.
In case of a trade, appropriate stop-loss settings should be considered.

Then a ‘Bearish Engulfing’ candle chart pattern is detected. The chart shows ‘Bearish Engulfing’. which is a negative pattern signal. The currency pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Bearish Engulfing’ heading down is 79%.

210.613 – 210.559 – 210.724 – 209.176 – 209.481 – 209.213 —
210.89500 – 210.70400 —
64.255149578241 – 53.640548014369 —
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210.613 – 1772726400

Trading Signals: FOREX – GBP – GBP/JPY – JPY – Bearish Engulfing – – – – – – – – –