GBP/JPY – 1H – SELLThe currency pair 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 will continue.
Caution: A possible reversal of the trend in the direction of the resistance zone at 192.46500 is also possible.
In case of a trade, appropriate stop-loss settings should be considered.
Next a ‘Bearish Engulfing’ candlestick chart pattern is detected. The candles show ‘Bearish Engulfing’. which 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 success rate of a ‘Bearish Engulfing’ going down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 194.62100 |
| 2nd High | 193.72400 |
| Next High | 192.46500 |
| Current Price | 191.91700 |
| Next Low | 190.68000 |
| 2nd Low | 190.40600 |
| 3rd Low | 189.84600 |
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Bearish Engulfing