GBP/JPY – 30M – SELLThe currency pair British Pound/Japanese Yen (GBP/JPY) moves from the bearish trendline downwards
A continuation of the downward movement downwards to the next support level at 190.44800 is certain.
Caution: A possible change in the direction of the resistance zone at 191.33700 could be enabled.
In the case of a trade, always set appropriate stop-loss settings.
Also there is a ‘Bearish Engulfing’ candle chart pattern is discovered. The chart forms ‘Bearish Engulfing’. which is a negative signal. The currency pair is likely to fall. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Bearish Engulfing’ heading down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 191.81700 |
| 2nd High | 191.34200 |
| Next High | 191.33700 |
| Current Price | 190.69700 |
| Next Low | 190.44800 |
| 2nd Low | 190.33200 |
| 3rd Low | 189.97500 |
191.33700 – 191.34200 – 191.81700 – 190.44800 – 190.85000 – 191.54700
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Bearish Engulfing