GBP/JPY – 1H – SELLThe combination British Pound/Japanese Yen (GBP/JPY) moves from the descending trendline down.
A continuation of the bearish trend down to the next support level at 190.68000 is certain.
Caution: A possible reversal of the trend in the direction of the resistance level at 193.72400 is within the realm of possibility.
In case of a trade, appropriate stop-loss settings should be considered.
And also a ‘Three Black Crows’ candlestick pattern is discovered. The candles show ‘Three Black Crows’. this is a bearish pattern signal. The currency pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Three Black Crows’ going down is 82%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 194.80200 |
| 2nd High | 194.62100 |
| Next High | 193.72400 |
| Current Price | 191.93600 |
| Next Low | 190.68000 |
| 2nd Low | 190.40600 |
| 3rd Low | 189.84600 |
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Three Black Crows