GBP/JPY – 30M – SELLThe currency pair British Pound/Japanese Yen (GBP/JPY) goes from the ascending trendline down.
A descending movement downwards to the next support at 193.48800 is certain.
Caution: A possible counter-trend in the direction of the resistance zone at 194.31300 is also possible.
In the case of a trade, always set appropriate stop-loss settings.
Furthermore a ‘Bearish Engulfing’ candlestick chart pattern is found. The chart shows ‘Bearish Engulfing’. this is a bearish signal. 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 | 196.41700 |
| 2nd High | 194.80200 |
| Next High | 194.31300 |
| Current Price | 194.16900 |
| Next Low | 193.48800 |
| 2nd Low | 192.84600 |
| 3rd Low | 191.73000 |
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Bearish Engulfing