GBP/JPY – 1H – SELLThe pair British Pound/Japanese Yen (GBP/JPY) jumps from the bullish trendline downwards
A bearish descent downwards to the next support at 194.97500 is expected.
Caution: A possible counter-trend in the direction of resistance at 196.23600 could occur.
Please make appropriate stop-loss settings in the case of a trade.
Additionally a ‘Tweezers Top’ chart pattern is discovered. The candles show ‘Tweezers Top’. which is a bearish pattern signal. The currency pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Tweezers Top’ going down is 56% (Bull Market) & 55% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | 196.44100 |
| Next High | 196.23600 |
| Current Price | 196.05700 |
| Next Low | 194.97500 |
| 2nd Low | 193.75600 |
| 3rd Low | 193.25500 |
196.23600 – 195.91800 – 196.44100 – 194.97500 – 193.75600 – 194.70800
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Tweezers Top