GBP/JPY – 30M – SELLThe currency pair British Pound/Japanese Yen (GBP/JPY) goes from the bearish trendline downwards
A continuation of the downtrend downwards to the next support level at 192.84600 will persist.
Caution: A possible counter-trend in the direction of the resistance level at 194.62100 should be noted.
In case of a trade, appropriate stop-loss settings should be considered.
Then a ‘Bearish Engulfing’ candlestick chart pattern is existing. The chart shows ‘Bearish Engulfing’. which is a bearish signal. The currency pair is likely to fall. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Bearish Engulfing’ heading down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 196.41700 |
| 2nd High | 194.80200 |
| Next High | 194.62100 |
| Current Price | 192.96500 |
| Next Low | 192.84600 |
| 2nd Low | 191.73000 |
| 3rd Low | 190.40600 |
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Bearish Engulfing