GBP/JPY – 1H – SELLThe combination British Pound/Japanese Yen (GBP/JPY) moves from the bullish trendline down.
A bearish descent downwards to the next support level at 190.59400 is considered certain.
Caution: A possible counter-trend in the direction of the resistance line at 193.72400 should be noted.
In case of a trade, appropriate stop-loss settings should be considered.
Besides a ‘Three Black Crows’ candlestick chart pattern is detected. The candles form ‘Three Black Crows’. which 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 probability of ‘Three Black Crows’ heading down is 82%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 194.80200 |
| 2nd High | 194.62100 |
| Next High | 193.72400 |
| Current Price | 192.77500 |
| Next Low | 190.59400 |
| 2nd Low | 190.33800 |
| 3rd Low | 188.07200 |
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Three Black Crows