GBP/JPY – 1H – SELLThe pair British Pound/Japanese Yen (GBP/JPY) moves from the bullish trendline down.
A bearish movement downwards to the next support at 193.62500 is considered certain.
Caution: A possible counter-trend in the direction of the resistance line at 195.89500 could happen.
In case of a trade, appropriate stop-loss settings should be considered.
There is also a ‘Evening Star’ candlestick pattern is discovered. The candles form ‘Evening Star’. this 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 chance of ‘Evening Star’ going down is 72% (Bull & Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 198.43800 |
| 2nd High | 197.78100 |
| Next High | 195.89500 |
| Current Price | 195.33400 |
| Next Low | 193.62500 |
| 2nd Low | 192.85100 |
| 3rd Low | 192.51300 |
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Evening Star