GBP/JPY – 30M – SELLThe currency pair British Pound/Japanese Yen (GBP/JPY) jumps from the ascending trendline down.
A bearish descent downwards to the next support line at 190.59400 will continue.
Caution: A possible trend reversal in the direction of the resistance line at 193.40600 could be enabled.
In the case of a trade, always set appropriate stop-loss settings.
Moreover a ‘Evening Star’ candlestick pattern is discovered. The chart forms ‘Evening Star’. which is a bearish pattern signal. The pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Evening Star’ going down is 72% (Bull & Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 194.62100 |
| 2nd High | 193.72400 |
| Next High | 193.40600 |
| Current Price | 192.88000 |
| Next Low | 190.59400 |
| 2nd Low | 190.33800 |
| 3rd Low | 189.35000 |
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Evening Star