GBP/JPY – 30M – SELLThe combination British Pound/Japanese Yen (GBP/JPY) moves from the ascending trendline downwards
A descending movement down to the next support level at 197.20500 is certain.
Caution: A possible trend reversal in the direction of the resistance zone at 198.94600 is also possible.
In the case of a trade, always set appropriate stop-loss settings.
Next a ‘Three Outside Down’ candle chart pattern is discovered. The chart shows ‘Three Outside Down’. 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 success rate of a ‘Three Outside Down’ going down is 69% (Bull Market) & 70% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 199.55300 |
| 2nd High | 199.37100 |
| Next High | 198.94600 |
| Current Price | 198.57900 |
| Next Low | 197.20500 |
| 2nd Low | 197.01500 |
| 3rd Low | 196.78300 |
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Three Outside Down