GBP/JPY – 30M – SELLThe currency pair British Pound/Japanese Yen (GBP/JPY) moves from the descending trendline down.
A continuation of the downtrend down to the next support at 194.35200 will persist.
Caution: A possible change in the direction of the resistance level at 196.14300 should always be considered.
In case of a trade, appropriate stop-loss settings should be considered.
Also there is a ‘Bearish Engulfing’ candlestick pattern is existing. The chart shows ‘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 success rate of a ‘Bearish Engulfing’ going down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 198.45500 |
| 2nd High | 198.43800 |
| Next High | 196.14300 |
| Current Price | 195.56100 |
| Next Low | 194.35200 |
| 2nd Low | 194.29000 |
| 3rd Low | 193.82600 |
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Bearish Engulfing