GBP/JPY – 4H – SELLThe currency pair British Pound/Japanese Yen (GBP/JPY) moves from the bearish trendline down.
A continuation of the downward movement down to the next support at is certain.
Caution: A possible trend reversal in the direction of the resistance level at 189.65200 should be noted.
In the case of a trade, always set appropriate stop-loss settings.
Moreover a ‘Exponential Moving Average 50 (EMA 50)’ indicator signal is discovered. The indicator shows ‘Exponential Moving Average 50 (EMA 50)’. which could be a negative chart scenario. The currency pair could go down.
Moreover a ‘Bearish Engulfing’ chart pattern is existing. The candles show ‘Bearish Engulfing’. which is a negative pattern signal. The currency pair is likely to fall. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Bearish Engulfing’ going down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 195.76700 |
| 2nd High | 189.82100 |
| Next High | 189.65200 |
| Current Price | 187.89100 |
| Next Low | |
| 2nd Low | |
| 3rd Low |
189.65200 – 189.82100 – 195.76700 – 187.45700 – 184.37000 – 186.09000
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Bearish Engulfing