GBP/JPY – 1H – SELLThe combination British Pound/Japanese Yen (GBP/JPY) goes from the ascending trendline downwards
A bearish descent downwards to the next support at 194.64900 is likely expected.
Caution: A possible reversal of the trend in the direction of the resistance level at 195.89500 should always be considered.
Consider stop-loss settings accordingly.
Furthermore a ‘Bearish Engulfing’ candlestick pattern is detected. The candles show ‘Bearish Engulfing’. this is a bearish signal. The currency pair is likely to fall. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Bearish Engulfing’ going down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 198.43800 |
| 2nd High | 197.78100 |
| Next High | 195.89500 |
| Current Price | 195.04200 |
| Next Low | 194.64900 |
| 2nd Low | 193.62500 |
| 3rd Low | 192.85100 |
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Bearish Engulfing