GBP/JPY – 1H – SELL

The currency pair British Pound/Japanese Yen (GBP/JPY) goes from the bullish trendline down.

A bearish movement down to the next support level at 194.97500 is expected.

Caution: A possible change in the direction of the resistance zone at is within the realm of possibility.
In the case of a trade, always set appropriate stop-loss settings.

Next a ‘Resistance Level’ indicator signal is discovered. The indicator shows ‘Resistance Level’. this is usually a bearish chart signal. The currency pair is likely to fall.

Next a ‘Three Outside Down’ chart pattern is existing. The candles show ‘Three Outside Down’. which is a negative chart scenario. The pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Three Outside Down’ heading down is 69% (Bull Market) & 70% (Bear Market).

196.23600 – 195.91800 – 196.44100 – 194.97500 – 193.75600 – 194.70800

Trading Signals: FOREX – GBP – GBP/JPY – JPY – Three Outside Down