GBP/JPY – 4H – SELLThe currency pair British Pound/Japanese Yen (GBP/JPY) moves from the bullish trendline down.
A bearish movement downwards to the next support at 194.05400 is likely expected.
Caution: A possible trend reversal in the direction of the resistance level at 198.94500 could occur.
In case of a trade, appropriate stop-loss settings should be considered.
In addition a ‘Bearish Harami’ candlestick pattern is detected. The chart forms ‘Bearish Harami’. this is a bearish chart scenario. The currency pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Bearish Harami’ heading down is 53% (Bull Market) & 50% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | |
| Next High | 198.94500 |
| Current Price | 196.59000 |
| Next Low | 194.05400 |
| 2nd Low | 192.85100 |
| 3rd Low | 190.59400 |
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Bearish Harami