GBP/JPY – 30M – SELLThe combination British Pound/Japanese Yen (GBP/JPY) jumps from the ascending trendline downwards
A descent downwards to the next support at 189.31200 is likely expected.
Caution: A possible trend reversal in the direction of the resistance zone at 191.23900 should be noted.
In case of a trade, appropriate stop-loss settings should be considered.
And also a ‘Bearish Belt Hold’ candlestick pattern is discovered. The chart forms ‘Bearish Belt Hold’. this is a bearish pattern signal. The pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Bearish Belt Hold’ going down is 68% (Bull Market) & 69% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 193.66300 |
| 2nd High | 191.75400 |
| Next High | 191.23900 |
| Current Price | 191.24500 |
| Next Low | 189.31200 |
| 2nd Low | 189.29800 |
| 3rd Low | 188.19900 |
191.23900 – 189.83500 – 190.30800 – 189.31200 – 189.29800 – 188.19900
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Bearish Belt Hold