GBP/JPY – 1H – SELLThe combination British Pound/Japanese Yen (GBP/JPY) moves from the descending trendline down.
A continuation of the downward movement downwards to the next support line at 184.37000 is considered certain.
Caution: A possible change in the direction of the resistance line at 189.82100 could occur.
In the case of a trade, always set appropriate stop-loss settings.
Furthermore a ‘Bearish Belt Hold’ candlestick chart pattern is existing. The candles show ‘Bearish Belt Hold’. which is a bearish chart scenario. The pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Bearish Belt Hold’ going down is 68% (Bull Market) & 69% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 193.66300 |
| 2nd High | 190.08600 |
| Next High | 189.82100 |
| Current Price | 188.33300 |
| Next Low | 184.37000 |
| 2nd Low | |
| 3rd Low |
189.82100 – 188.94100 – 190.08600 – 184.37000 – 186.09000 – 192.29300
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Bearish Belt Hold