GBP/JPY – 1H – SELL

The combination British Pound/Japanese Yen (GBP/JPY) moves from the descending trendline down.

A continuation of the bearish trend down to the next support line at 187.45700 will persist.

Caution: A possible change in the direction of the resistance line at 188.84300 should always be considered.
Consider stop-loss settings accordingly.

There is also a ‘Bearish Engulfing’ candle chart pattern is found. The candles form ‘Bearish Engulfing’. this is a bearish chart scenario. The pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Bearish Engulfing’ heading down is 79%.

There is also a ‘Double top chart pattern’ chart layout is discovered. The formation shows ‘Double top chart pattern’. which is a negative pattern signal. The pair is likely to go down.

There is also a ‘Support Level’ indicator signal is discovered. The indicator is ‘Support Level’. this is usually a bearish chart scenario. The pair is likely to go down.

188.84300 – 189.06800 – 189.14500 – 187.99600 – 188.06700 – 187.45700

Download GBP/JPY Signal Image

Trading Signals: FOREX – GBP – GBP/JPY – JPY – Bearish Engulfing