GBP/JPY – 30M – SELLThe currency pair British Pound/Japanese Yen (GBP/JPY) moves from the ascending trendline downwards
A descent down to the next support line at 197.01500 is certain.
Caution: A possible trend reversal in the direction of the resistance line at 197.99900 could occur.
In the case of a trade, always set appropriate stop-loss settings.
Next a ‘Bearish Engulfing’ candle chart pattern is discovered. The chart forms ‘Bearish Engulfing’. which is a negative chart scenario. 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 | 199.37100 |
| 2nd High | 198.94500 |
| Next High | 197.99900 |
| Current Price | 197.57200 |
| Next Low | 197.01500 |
| 2nd Low | 196.78300 |
| 3rd Low | 196.59900 |
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Bearish Engulfing