GBP/JPY – 1H – SELLThe pair British Pound/Japanese Yen (GBP/JPY) jumps from the ascending trendline down.
A bearish trend down to the next support at 193.56200 will persist.
Caution: A possible trend reversal in the direction of the resistance level at 198.43800 is within the realm of possibility.
Consider stop-loss settings accordingly.
Correction of the major bearish trend halted around the Fibonacci 0.79-Level.Continuation of the current descending trend will persist. Current target is 196 at the Fibonacci level 0.5-Level. Caution: A possible trend reversal in the direction of the support line at 198.43800 is within the realm of possibility.
Consider stop-loss settings accordingly.
Next a ‘Bearish Engulfing’ candle chart pattern is discovered. 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 chance of ‘Bearish Engulfing’ going down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 199.55300 |
| 2nd High | 198.45500 |
| Next High | 198.43800 |
| Current Price | 196.69300 |
| Next Low | 193.56200 |
| 2nd Low | 192.87700 |
| 3rd Low | 191.73000 |
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Bearish Engulfing