GBP/JPY – 1H – SELLThe currency pair British Pound/Japanese Yen (GBP/JPY) jumps from the ascending trendline down.
The bearish trend down to the next support line at 194.05400 is considered certain.
Caution: A possible change in the direction of the resistance zone at 198.94500 is within the realm of possibility.
Consider stop-loss settings accordingly.
In addition a ‘Last Engulfing Bottom:’ candle chart pattern is found. The candles show ‘Last Engulfing Bottom:’. which 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 likelyhood of ‘Last Engulfing Bottom:’ going down is 65% (Bull Market) & 67% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 199.70900 |
| 2nd High | 199.55300 |
| Next High | 198.94500 |
| Current Price | 196.03500 |
| Next Low | 194.05400 |
| 2nd Low | 193.62500 |
| 3rd Low | 192.85100 |
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Last Engulfing Bottom: