GBP/JPY – 4H – SELLThe currency pair British Pound/Japanese Yen (GBP/JPY) goes from the bearish trendline down.
A continuation of the downtrend downwards to the next support at 190.59400 will continue.
Caution: A possible counter-trend in the direction of the resistance zone at 197.78100 should always be considered.
Please make appropriate stop-loss settings in the case of a trade.
In addition a ‘Three Line Strike – Bearish’ candlestick pattern is discovered. The chart forms ‘Three Line Strike – Bearish’. 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 success rate of a ‘Three Line Strike – Bearish’ going down is 84% (Bull Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 199.55300 |
| 2nd High | 198.43800 |
| Next High | 197.78100 |
| Current Price | 193.38900 |
| Next Low | 190.59400 |
| 2nd Low | 188.07200 |
| 3rd Low |
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Three Line Strike – Bearish