GBP/JPY – 1H – 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 is considered certain.
Caution: A possible trend reversal in the direction of resistance at 198.94600 should be noted.
Please make appropriate stop-loss settings in the case of a trade.
Correction of the major bullish trend broke the Fibonacci 0.5-Level.Continuation of the current descending trend is considered certain. Current target is 196.430014 at the Fibonacci level 0.79-Level. Caution: A possible trend reversal in the direction of the support zone at 198.94600 should be noted.
Please make appropriate stop-loss settings in the case of a trade.
Furthermore a ‘Three Black Crows’ chart pattern is detected. The candles show ‘Three Black Crows’. this 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 likelyhood of ‘Three Black Crows’ going down is 82%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | 199.55300 |
| Next High | 198.94600 |
| Current Price | 196.65500 |
| Next Low | 196.59900 |
| 2nd Low | 196.43900 |
| 3rd Low | 195.74500 |
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Three Black Crows