GBP/JPY – 1H – SELLThe pair British Pound/Japanese Yen (GBP/JPY) goes from the descending trendline downwards
A continuation of the downtrend down to the next support line at 192.34300 is considered certain.
Caution: A possible change in the direction of the resistance line at 193.49300 should always be considered.
Please make appropriate stop-loss settings in the case of a trade.
Next a ‘Three Inside Down’ candlestick pattern is discovered. The candles show ‘Three Inside Down’. which is a negative chart scenario. The currency pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Three Inside Down’ going down is 60% (Bull Market) & 63% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 195.76700 |
| 2nd High | 193.74200 |
| Next High | 193.49300 |
| Current Price | 193.30000 |
| Next Low | 192.34300 |
| 2nd Low | 190.65700 |
| 3rd Low | 190.31400 |
193.49300 – 191.66300 – 192.62900 – 192.34300 – 190.65700 – 190.31400
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Three Inside Down