GBP/JPY – 1H – SELLThe combination British Pound/Japanese Yen (GBP/JPY) goes from the bullish trendline down.
The bearish trend down to the next support level at 197.20500 is likely expected.
Caution: A possible counter-trend in the direction of resistance at 198.94500 is also possible.
In case of a trade, appropriate stop-loss settings should be considered.
Moreover a ‘Three Black Crows’ chart pattern is found. The candles form ‘Three Black Crows’. which is a bearish pattern 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 | |
| 2nd High | 199.55300 |
| Next High | 198.94500 |
| Current Price | 197.66500 |
| Next Low | 197.20500 |
| 2nd Low | 196.59900 |
| 3rd Low | 196.43900 |
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Three Black Crows