GBP/JPY – 30M – SELLThe combination British Pound/Japanese Yen (GBP/JPY) jumps from the bearish trendline down.
A continuation of the downward movement downwards to the next support level at 190.14500 is considered certain.
Caution: A possible counter-trend in the direction of resistance at 191.24900 is also possible.
In the case of a trade, always set appropriate stop-loss settings.
And also a ‘Bearish Engulfing’ chart pattern is detected. The chart shows ‘Bearish Engulfing’. 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 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 | 190.34700 |
| Next Low | 190.14500 |
| 2nd Low | 189.84600 |
| 3rd Low | 189.56100 |
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Bearish Engulfing