GBP/JPY – 30M – SELLThe pair British Pound/Japanese Yen (GBP/JPY) goes from the descending trendline down.
A continuation of the downtrend downwards to the next support at 194.35200 will persist.
Caution: A possible reversal of the trend in the direction of the resistance level at 196.14300 could occur.
Consider stop-loss settings accordingly.
Next a ‘Bearish Engulfing’ candle pattern is discovered. The candles show ‘Bearish Engulfing’. which is a negative chart scenario. The currency 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 | 198.45500 |
| 2nd High | 198.43800 |
| Next High | 196.14300 |
| Current Price | 195.64200 |
| Next Low | 194.35200 |
| 2nd Low | 194.29000 |
| 3rd Low | 193.82600 |
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Bearish Engulfing