GBP/JPY – 30M – SELLThe pair British Pound/Japanese Yen (GBP/JPY) moves from the bullish trendline down.
A descending movement down to the next support level at 194.05400 will persist.
Caution: A possible trend reversal in the direction of resistance at 198.94500 could be enabled.
Consider stop-loss settings accordingly.
Next a ‘Bearish Engulfing’ candlestick chart pattern is detected. The chart shows ‘Bearish Engulfing’. 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 success rate of a ‘Bearish Engulfing’ going down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 199.55300 |
| 2nd High | 199.37100 |
| Next High | 198.94500 |
| Current Price | 195.98200 |
| Next Low | 194.05400 |
| 2nd Low | 193.82700 |
| 3rd Low | 193.62500 |
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Bearish Engulfing