GBP/JPY – 1H – SELLThe currency pair British Pound/Japanese Yen (GBP/JPY) moves from the bullish trendline down.
A descent down to the next support line at 197.20500 is expected.
Caution: A possible trend reversal in the direction of the resistance zone at 198.94500 is also possible.
Please make appropriate stop-loss settings in the case of a trade.
Additionally a ‘Bearish Harami’ candlestick pattern is found. The chart shows ‘Bearish Harami’. this is a bearish 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 Harami’ going down is 53% (Bull Market) & 50% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | 199.55300 |
| Next High | 198.94500 |
| Current Price | 198.57900 |
| Next Low | 197.20500 |
| 2nd Low | 196.59900 |
| 3rd Low | 196.43900 |
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Bearish Harami