GBP/JPY – 30M – SELLThe combination British Pound/Japanese Yen (GBP/JPY) jumps from the descending trendline down.
A continuation of the downtrend down to the next support line at 193.48800 will persist.
Caution: A possible change in the direction of the resistance line at 194.62100 is within the realm of possibility.
Please make appropriate stop-loss settings in the case of a trade.
And also a ‘Bearish Engulfing’ candle chart pattern is detected. The chart forms ‘Bearish Engulfing’. which is a negative signal. 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’ heading down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 196.41700 |
| 2nd High | 194.80200 |
| Next High | 194.62100 |
| Current Price | 193.57700 |
| Next Low | 193.48800 |
| 2nd Low | 192.84600 |
| 3rd Low | 191.73000 |
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Bearish Engulfing