GBP/JPY – 4H – SELLThe pair British Pound/Japanese Yen (GBP/JPY) goes from the bullish trendline down.
A descent down to the next support line at 190.31400 will continue.
Caution: A possible counter-trend in the direction of the resistance level at 193.74200 could be enabled.
In case of a trade, appropriate stop-loss settings should be considered.
Also there is a ‘Collapsing Doji Star’ candlestick pattern is detected. The chart shows ‘Collapsing Doji Star’. which is a negative pattern signal. The currency pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Collapsing Doji Star’ going down is 63% (Bull Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 195.96900 |
| 2nd High | 195.76700 |
| Next High | 193.74200 |
| Current Price | 192.89600 |
| Next Low | 190.31400 |
| 2nd Low | 189.97500 |
| 3rd Low | 187.46000 |
193.74200 – 191.71600 – 189.65200 – 190.31400 – 189.97500 – 187.46000
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Collapsing Doji Star