GBP/JPY – 30M – SELLThe combination British Pound/Japanese Yen (GBP/JPY) moves from the descending trendline downwards
A continuation of the downward movement downwards to the next support line at 190.91400 is certain.
Caution: A possible trend reversal in the direction of the resistance line at 191.68800 is also possible.
In the case of a trade, always set appropriate stop-loss settings.
Furthermore a ‘Evening Star’ candlestick pattern is existing. The candles form ‘Evening Star’. which is a bearish chart scenario. The currency pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Evening Star’ going down is 72% (Bull & Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 192.29800 |
| 2nd High | 192.20900 |
| Next High | 191.68800 |
| Current Price | 192.10500 |
| Next Low | 190.91400 |
| 2nd Low | 190.33800 |
| 3rd Low | 189.35000 |
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Evening Star