GBP/JPY – 30M – SELLThe combination British Pound/Japanese Yen (GBP/JPY) goes from the bearish trendline down.
A continuation of the downward movement downwards to the next support line at 190.20800 is expected.
Caution: A possible change in the direction of the resistance level at 191.24900 should always be considered.
In case of a trade, appropriate stop-loss settings should be considered.
Furthermore a ‘Bearish Engulfing’ chart pattern is existing. The chart shows ‘Bearish Engulfing’. which is a bearish pattern 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 | 192.46500 |
| 2nd High | 192.29800 |
| Next High | 191.24900 |
| Current Price | 191.01700 |
| Next Low | 190.20800 |
| 2nd Low | 190.14500 |
| 3rd Low | 189.84600 |
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Bearish Engulfing