GBP/JPY – 30M – SELLThe currency pair British Pound/Japanese Yen (GBP/JPY) goes from the bearish trendline down.
A continuation of the bearish trend downwards to the next support line at 197.01500 is certain.
Caution: A possible counter-trend in the direction of the resistance level at 197.99900 should always be considered.
Please make appropriate stop-loss settings in the case of a trade.
Additionally a ‘Evening Star’ chart pattern is discovered. The chart forms ‘Evening Star’. which is a bearish chart scenario. The pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Evening Star’ heading down is 72% (Bull & Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 199.37100 |
| 2nd High | 198.94500 |
| Next High | 197.99900 |
| Current Price | 197.30800 |
| Next Low | 197.01500 |
| 2nd Low | 196.78300 |
| 3rd Low | 196.59900 |
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Evening Star