GBP/JPY – 1H – SELLThe currency pair British Pound/Japanese Yen (GBP/JPY) goes from the bearish trendline down.
A continuation of the bearish trend down to the next support at 193.82600 will persist.
Caution: A possible trend reversal in the direction of the resistance line at 196.14300 could happen.
Consider stop-loss settings accordingly.
Correction of the major bearish trend halted around the Fibonacci 0.24-Level.Continuation of the current descending trend will persist. Target of the current trend is 194.29 at the Fibonacci level 0-Level. Caution: A possible trend reversal in the direction of the support level at 196.14300 could happen.
Consider stop-loss settings accordingly.
There is also a ‘Three Black Crows’ candle pattern is discovered. The candles form ‘Three Black Crows’. which is a bearish chart scenario. The currency pair is likely to fall. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Three Black Crows’ heading down is 82%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 198.45500 |
| 2nd High | 198.43800 |
| Next High | 196.14300 |
| Current Price | 194.15500 |
| Next Low | 193.82600 |
| 2nd Low | 193.69800 |
| 3rd Low | 193.56500 |
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Three Black Crows