GBP/JPY – 1H – SELLThe currency pair British Pound/Japanese Yen (GBP/JPY) jumps from the bearish trendline downwards
A continuation of the bearish trend downwards to the next support level at 190.14500 is expected.
Caution: A possible trend reversal in the direction of the resistance zone at 191.24900 is also possible.
Please make appropriate stop-loss settings in the case of a trade.
Also there is a ‘Bearish Engulfing’ chart pattern is found. The chart shows ‘Bearish Engulfing’. this is a bearish chart scenario. The currency pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Bearish Engulfing’ heading down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 192.46500 |
| 2nd High | 192.29800 |
| Next High | 191.24900 |
| Current Price | 190.99000 |
| Next Low | 190.14500 |
| 2nd Low | 189.84600 |
| 3rd Low | 189.56100 |
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Bearish Engulfing