GBP/JPY – 1H – SELLThe combination British Pound/Japanese Yen (GBP/JPY) moves from the bullish trendline downwards
The bearish trend down to the next support line at 192.51300 will continue.
Caution: A possible trend reversal in the direction of resistance at 194.62100 is within the realm of possibility.
Please make appropriate stop-loss settings in the case of a trade.
Besides a ‘Evening Star’ chart pattern is detected. The chart shows ‘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 likelyhood of ‘Evening Star’ going down is 72% (Bull & Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 197.78100 |
| 2nd High | 194.80200 |
| Next High | 194.62100 |
| Current Price | 194.38700 |
| Next Low | 192.51300 |
| 2nd Low | 192.44600 |
| 3rd Low | 190.59400 |
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Evening Star