GBP/JPY – 1H – SELLThe pair British Pound/Japanese Yen (GBP/JPY) goes from the descending trendline down.
A continuation of the downward movement downwards to the next support at 194.29000 is considered certain.
Caution: A possible counter-trend in the direction of the resistance level at 196.14300 is within the realm of possibility.
Consider stop-loss settings accordingly.
Then a ‘Three Black Crows’ candlestick pattern is found. The chart shows ‘Three Black Crows’. this is a bearish chart scenario. The currency pair is likely to fall. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance 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 | 195.36400 |
| Next Low | 194.29000 |
| 2nd Low | 193.82600 |
| 3rd Low | 193.69800 |
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Three Black Crows