GBP/JPY – 30M – SELLThe combination British Pound/Japanese Yen (GBP/JPY) moves from the bullish trendline downwards
The bearish trend down to the next support at 192.44600 is likely expected.
Caution: A possible reversal of the trend in the direction of the resistance zone at 193.72400 is also possible.
Consider stop-loss settings accordingly.
Next a ‘Bearish Engulfing’ chart pattern is existing. The chart shows ‘Bearish Engulfing’. this is a bearish signal. The currency 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 | 194.80200 |
| 2nd High | 194.62100 |
| Next High | 193.72400 |
| Current Price | 193.93400 |
| Next Low | 192.44600 |
| 2nd Low | 190.59400 |
| 3rd Low | 190.33800 |
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Bearish Engulfing