GBP/JPY – 30M – SELLThe combination British Pound/Japanese Yen (GBP/JPY) moves from the ascending trendline downwards
A bearish descent down to the next support line at 190.68200 is expected.
Caution: A possible counter-trend in the direction of resistance at 191.52300 should always be considered.
In the case of a trade, always set appropriate stop-loss settings.
Then a ‘Bearish Engulfing’ candlestick chart pattern is detected. The candles form ‘Bearish Engulfing’. which is a negative pattern signal. The pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Bearish Engulfing’ heading down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 192.46500 |
| 2nd High | 192.29800 |
| Next High | 191.52300 |
| Current Price | 191.19300 |
| Next Low | 190.68200 |
| 2nd Low | 189.35000 |
| 3rd Low | 188.07200 |
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Bearish Engulfing