GBP/JPY – 30M – SELLThe combination British Pound/Japanese Yen (GBP/JPY) goes from the bullish trendline downwards
A bearish movement down to the next support at 194.69900 is likely expected.
Caution: A possible trend reversal in the direction of resistance at 195.47000 is within the realm of possibility.
Please make appropriate stop-loss settings in the case of a trade.
And also a ‘Bearish Engulfing’ candlestick pattern is detected. The chart forms ‘Bearish Engulfing’. which is a negative chart scenario. The currency pair is likely to fall. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Bearish Engulfing’ going down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 195.89500 |
| 2nd High | 195.79200 |
| Next High | 195.47000 |
| Current Price | 195.23800 |
| Next Low | 194.69900 |
| 2nd Low | 194.64900 |
| 3rd Low | 193.82700 |
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Bearish Engulfing