GBP/JPY – 1H – SELLThe currency pair British Pound/Japanese Yen (GBP/JPY) goes from the ascending trendline down.
A bearish trend down to the next support level at 195.74500 will persist.
Caution: A possible trend reversal in the direction of resistance at 198.94500 should be noted.
Please make appropriate stop-loss settings in the case of a trade.
There is also a ‘Last Engulfing Bottom:’ candle pattern is existing. The chart shows ‘Last Engulfing Bottom:’. this is a bearish pattern signal. The currency pair is likely to fall. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Last Engulfing Bottom:’ heading 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 | 196.79100 |
| Next Low | 195.74500 |
| 2nd Low | 194.05400 |
| 3rd Low | 193.62500 |
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Last Engulfing Bottom: