GBP/JPY – 4H – SELLThe combination British Pound/Japanese Yen (GBP/JPY) jumps from the ascending trendline down.
A bearish descent downwards to the next support line at 194.05400 is expected.
Caution: A possible trend reversal in the direction of the resistance level at 198.94500 could be enabled.
Consider stop-loss settings accordingly.
Correction of the major bullish trend broke through the Fibonacci 0.24-Level.Continuation of the current descending trend is expected. Current target is 193.5085 at the Fibonacci level 0.5-Level. Caution: A possible trend reversal in the direction of the support zone at 198.94500 could be enabled.
Consider stop-loss settings accordingly.
Furthermore a ‘Three Black Crows’ candlestick chart pattern is existing. The chart shows ‘Three Black Crows’. which is a bearish signal. The currency pair is likely to fall. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Three Black Crows’ going down is 82%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | |
| Next High | 198.94500 |
| Current Price | 196.01200 |
| Next Low | 194.05400 |
| 2nd Low | 192.85100 |
| 3rd Low | 190.59400 |
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Three Black Crows