GBP/JPY – 30M – SELLThe pair British Pound/Japanese Yen (GBP/JPY) goes from the descending trendline downwards
A continuation of the downtrend downwards to the next support line at 196.59900 will continue.
Caution: A possible trend reversal in the direction of the resistance zone at 197.62000 could be enabled.
Consider stop-loss settings accordingly.
Correction of the major bearish trend halted around the Fibonacci 0.5-Level.Continuation of the current descending trend will continue. Current target is 196.5002 at the Fibonacci level 0.24-Level. Caution: A possible trend reversal in the direction of the support line at 197.62000 could be enabled.
Consider stop-loss settings accordingly.
Then a ‘Evening Star’ candlestick pattern is found. The candles form ‘Evening Star’. 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 success rate of a ‘Evening Star’ going down is 72% (Bull & Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 199.37100 |
| 2nd High | 198.94500 |
| Next High | 197.62000 |
| Current Price | 197.12900 |
| Next Low | 196.59900 |
| 2nd Low | 196.43900 |
| 3rd Low | 196.31000 |
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Evening Star