GBP/JPY – 30M – SELLThe combination British Pound/Japanese Yen (GBP/JPY) jumps from the ascending trendline downwards
A bearish trend down to the next support line at 190.52500 will persist.
Caution: A possible change in the direction of the resistance level at 191.54900 should always be considered.
Consider stop-loss settings accordingly.
Next a ‘Three Outside Down’ candle pattern is existing. The chart forms ‘Three Outside Down’. this is a bearish chart scenario. The currency pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Three Outside Down’ going down is 69% (Bull Market) & 70% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 191.75400 |
| 2nd High | 191.71600 |
| Next High | 191.54900 |
| Current Price | 191.03200 |
| Next Low | 190.52500 |
| 2nd Low | 189.31200 |
| 3rd Low | 189.29800 |
191.54900 – 191.71600 – 191.23900 – 190.52500 – 190.66000 – 189.31200
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Three Outside Down