GBP/JPY – 30M – SELLThe pair British Pound/Japanese Yen (GBP/JPY) moves from the bullish trendline down.
A bearish descent down to the next support at 196.59900 will continue.
Caution: A possible counter-trend in the direction of the resistance level at 197.05700 is within the realm of possibility.
In the case of a trade, always set appropriate stop-loss settings.
Furthermore a ‘Three Black Crows’ candlestick pattern is found. The candles form ‘Three Black Crows’. this is a bearish signal. The currency pair is likely to fall. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Three Black Crows’ heading down is 82%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 198.94500 |
| 2nd High | 197.06600 |
| Next High | 197.05700 |
| Current Price | 196.89700 |
| Next Low | 196.59900 |
| 2nd Low | 196.43900 |
| 3rd Low | 196.31000 |
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Three Black Crows