GBP/JPY – 30M – BUYThe combination British Pound/Japanese Yen (GBP/JPY) jumps from the bullish trendline downwards
A descent down to the next support at 194.64900 is considered certain.
Caution: A possible trend reversal in the direction of the resistance level at 195.47000 is also possible.
In case of a trade, appropriate stop-loss settings should be considered.
Next a ‘Three Outside Down’ candlestick pattern is discovered. The candles show ‘Three Outside Down’. which is a bearish pattern signal. The currency pair is likely to fall. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Three Outside Down’ going down is 69% (Bull Market) & 70% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 195.89500 |
| 2nd High | 195.79200 |
| Next High | 195.47000 |
| Current Price | 194.80700 |
| Next Low | 194.64900 |
| 2nd Low | 193.82700 |
| 3rd Low | 193.62500 |
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Three Outside Down