GBP/JPY – 1H – SELLThe combination British Pound/Japanese Yen (GBP/JPY) jumps from the ascending trendline downwards
A descent down to the next support at 196.31600 is expected.
Caution: A possible reversal of the trend in the direction of the resistance level at 198.94600 is also possible.
Please make appropriate stop-loss settings in the case of a trade.
Additionally a ‘Bearish Belt Hold’ candlestick chart pattern is detected. The candles show ‘Bearish Belt Hold’. this is a bearish pattern signal. The currency pair is likely to fall. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Bearish Belt Hold’ heading down is 68% (Bull Market) & 69% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | 199.55300 |
| Next High | 198.94600 |
| Current Price | 196.58900 |
| Next Low | 196.31600 |
| 2nd Low | 195.74500 |
| 3rd Low | 194.05400 |
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Bearish Belt Hold