GBP/JPY – 30M – SELLThe combination British Pound/Japanese Yen (GBP/JPY) moves from the bearish trendline down.
A continuation of the downtrend downwards to the next support at 196.59900 is considered certain.
Caution: A possible change in the direction of the resistance zone at 197.62000 should be noted.
In the case of a trade, always set appropriate stop-loss settings.
Also there is a ‘Bearish Engulfing’ candlestick pattern is discovered. The chart shows ‘Bearish Engulfing’. which is a bearish pattern signal. The pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Bearish Engulfing’ heading down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 199.37100 |
| 2nd High | 198.94500 |
| Next High | 197.62000 |
| Current Price | 197.01400 |
| Next Low | 196.59900 |
| 2nd Low | 196.43900 |
| 3rd Low | 196.31000 |
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Bearish Engulfing