GBP/JPY – 1H – SELLCorrection of the major bearish trend halted around the Fibonacci 0.24-Level.Continuation of the current descending trend is expected. Target of the current trend is 188.466 at the Fibonacci level 0-Level. Caution: A possible change in the direction of support at 191.28000 could happen.
Consider stop-loss settings accordingly.
Moreover a ‘Identical 3 Crows’ candlestick chart pattern is existing. The chart shows ‘Identical 3 Crows’. which is a bearish signal. The currency pair is likely to fall. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Identical 3 Crows’ heading down is 79% (Bull Market) & 72% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 192.46500 |
| 2nd High | 192.29800 |
| Next High | 191.28000 |
| Current Price | 188.59100 |
| Next Low | 188.46600 |
| 2nd Low | 186.68500 |
| 3rd Low | 185.81900 |
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Identical 3 Crows