GBP/JPY – 30M – SELLThe pair British Pound/Japanese Yen (GBP/JPY) moves from the descending trendline down.
A continuation of the downtrend downwards to the next support at 193.82700 is certain.
Caution: A possible trend reversal in the direction of the resistance zone at 195.89500 should be noted.
In the case of a trade, always set appropriate stop-loss settings.
Moreover a ‘Evening Star’ candlestick chart pattern is existing. The candles show ‘Evening Star’. which is a negative pattern signal. The currency pair is likely to fall. 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 | 197.78100 |
| 2nd High | 196.41700 |
| Next High | 195.89500 |
| Current Price | 195.52500 |
| Next Low | 193.82700 |
| 2nd Low | 193.62500 |
| 3rd Low | 192.85100 |
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Evening Star