GBP/JPY – 30M – SELLThe currency pair British Pound/Japanese Yen (GBP/JPY) moves from the descending trendline downwards
A continuation of the downtrend down to the next support level at 190.20800 will continue.
Caution: A possible counter-trend in the direction of the resistance line at 191.24900 should be noted.
In the case of a trade, always set appropriate stop-loss settings.
Besides a ‘Bearish Engulfing’ candlestick pattern is existing. The candles show ‘Bearish Engulfing’. this is a bearish chart scenario. The currency pair is likely to fall. 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 | 190.20800 |
| 2nd Low | 190.14500 |
| 3rd Low | 189.84600 |
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Bearish Engulfing