GBP/JPY – 30M – SELLThe pair British Pound/Japanese Yen (GBP/JPY) jumps from the ascending trendline downwards
A descending movement down to the next support line at 195.73200 is expected.
Caution: A possible change in the direction of the resistance line at 198.94600 is also possible.
Consider stop-loss settings accordingly.
Moreover a ‘Two Crows’ candle chart pattern is found. The candles show ‘Two Crows’. which is a negative chart scenario. The currency pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Two Crows’ going down is 54% (Bull Market) & 58% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 199.55300 |
| 2nd High | 199.37100 |
| Next High | 198.94600 |
| Current Price | 196.38000 |
| Next Low | 195.73200 |
| 2nd Low | 194.05400 |
| 3rd Low | 193.82700 |